Bottega Veneta and Versace-Leased Properties in Palm Beach Sell for $30M
Assets traded on Worth Avenue, one of the top luxury retail districts in the U.S.
By Julia Echikson September 26, 2024 1:26 pm
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CS Ventures expanded its fiefdom in Palm Beach, an uber-wealthy island town in South Florida.
The investor paid $30.3 million for contiguous retail buildings on Worth Avenue, one of the fanciest shopping streets in the country, property records show.
The one-story property — which dates to 1925 — totals 8,523 square feet between 237 and 243 Worth Avenue. The six storefronts are leased to luxury fashion house Bottega Veneta, clothing brand Poupette St Barth, clothing store 55 Croisette, retailer Valentina Kova and jeweler Maison Maurice, said Spencer Schlager, a partner at CS Ventures.
In November, Versace opened a 2,800-square-foot boutique on Worth Avenue.
The seller, Greenstone Realty Group, purchased the property for $7.1 million in 1997, according to property records. A representative for the firm did not immediately respond to a request for comment.
The recent acquisition adds to CS Ventures’ Palm Beach portfolio. Since 2021, the investment firm, co-led by Charles Rosenberg, has spent about $150 million in Palm Beach. Recent deals include a $73 million purchase of office buildings along the town’s so-called Banker’s Row.
On Worth Avenue, another major investor includes billionaire Ken Griffin, who paid a combined $161 million for properties toward the eastern end of the shopping street, which included the former Neiman Marcus department store.
Julia Echikson can be reached at jechikson@commercialobserver.com.
