Arthur G. Cohen Family Office Buys Palm Beach Building
By Julia Echikson July 19, 2023 5:31 pm
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The family office of late New York real estate maven Arthur G. Cohen scooped up a boutique complex in Palm Beach for $18.3 million, property records show.
Located a block west of the ocean at 375 S County Road, the mixed-use property contains a two-story office building, which spans 11,271 square feet, and a 5,421-square-foot restaurant, which is leased to BrickTop’s restaurant. Brintz Gallery is also a tenant.
The seller, Colorado-based real estate investor Mark Hunt, paid $16.2 million in 2021 for the property, which was completed in 1984. The seller and buyer could not be reached for comment.
Vista Bank provided a $10 million acquisition loan to Cohen’s family office, called Rosemark Management. Zachary Baraf of The Stanwich Group brokered the sale.
Cohen, who passed away in 2014, was considered a New York real estate legend, best known for helping to revitalize Midtown during the second half of the 20th century. The developer partnered with Aristotle Onassis to build the 51-story Olympic Tower adjacent to St. Patrick’s Cathedral and developed One Worldwide Plaza on the Eighth Avenue site of the former Madison Square Garden.
The Palm Beach sale is the latest for the tony island town, which billionaires such as Stephen Ross, Nelson Peltz and Tom Ford call home. Earlier this month, billionaire Ken Griffin, founder and CEO of Citadel, bought a mixed-use building on Worth Avenue for $83 million, part of a two-building assemblage, which may serve as an office for his financial firm.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Update: The article was amended to include Baraf’s involvement.
