Deal For 139 Units In Downtown West Palm Beach Condo

Deal For 139 Units In Downtown West Palm Beach Condo

In the latest of many headlines generated by the Whitney condo in downtown West Palm Beach, 139 units just sold for $24.75 million, according to a deed.

The seller was USO Norge Whitney of New York. The buyer was 410 Evernia Street Partners LLC of Miami. UPDATE: Palm Beach billionaire Jeff Greene is the buyer, according to a $17 million mortgage with Bank of America.

The 210-unit Whitney was built with toxic drywall from China, but a $30 million renovation completed last year left residents to proclaim that the building felt like new. The units owned by USO Norge had been operated as rentals.

USO Norge in early 2009 paid $24 million for the unsold units in the boomtime condo development. Just a few months later, it became clear why a smell of rotting eggs permeated  the units and why appliances mysteriously malfunctioning: The culprit was the high-sulfur Chinese drywall used during construction.

Greene has spent some $250 million on Palm Beach County properties since late 2009, although his purchases have slowed in recent years. He has financed his buys mostly by selling properties in California; the Evernia units are a rare instance of Greene taking on a mortgage.


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Phone: 561-543-0750
Dated: May 2nd 2017
Views: 45
About Gavin: Gavin is a licensed Florida Real Estate professional that has been involved in the Florida housing m...

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