Breakers Owners Buy Another Building on Royal Poinciana Way In Palm Beach
By Julia Echikson April 5, 2024 1:41 pm
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The owners of The Breakers Palm Beach resort strike again, buying yet another property on Royal Poinciana Way on the uber-wealthy island town.
Flagler System Management — an affiliate of the Kenin family, descendants of oil magnate Henry Flagler — paid $12 million for two two-story buildings at 233 and 235 Royal Poinciana Way, half a mile south from the historic oceanfront Breakers hotel, property records show.
The ground-floor retail of the 6,566-square-foot properties is leased to tailor Gentleman’s Corner and optometrist Eyes on the Island, while the second floor is home to apartments.
There are no near-term development plans for this property, and the Breakers will honor all commercial and residential leases, said a spokesperson for the Breakers.
The deal marks Flagler System’s fourth purchase on Royal Poinciana Way since 2022, which have cost nearly $44 million in total. These include low-rise buildings at 253, 245 and 283 Royal Poinciana Way.
In 2020, the Breakers affiliate also completed the mixed-use Via Flagler development from 221 to 231 Royal Poinciana Way, next door to the newest properties. Via Flagler houses retail space on the ground floor and condo units on the top floor.
The seller was a California-based entity tied to the Maha Ganapathy Trust, which purchased the property, completed in 1945, for $625,000 in 1982, according to property records. Josh Wade of Flagship Partners represented the seller in the recent transaction.
Update: The story was amended to include a statement from Flagler System Management.
Julia Echikson can be reached at jechikson@commercialobserver.com.
