🏆 Residential: The most expensive home sale to come online was in Palm Beach. John Niblack, retired president of Pfizer Global Research and Development, and his wife, Heidi Niblack, parted with the waterfront property at 127 Oceanview Road for $26.5 million. The buyer was a company managed by New York developer Isaac Ashkenazy. The Niblacks bought the 5,200-square-foot home, which was built in 1999, for $1.7 million in 2005. The latest sale works out to $5,100 per square foot. The home went on the market in January for $37 million. Lynn Warren with Sotheby’s International Realty had the listing, and Elizabeth DeWoody with Compass brought the buyer.
🏆 Commercial: Miami’s Design District had the highest-pricest commercial transaction to hit records. Alta Developers sold a commercial condo at the Quadro at 3900 Biscayne Boulevard for $17.3 million. The buyer was Hollywood-based JBL Asset Management. The unit spans 25,500 square feet, pricing the deal at $680 per square foot. Alta completed the 12-story project in 2019.
📊 Commercial: In Miami, a 10,300-square-foot industrial complex at 6400 Northwest 84th Avenue traded for $6.5 million. The seller was a company managed by Alan Leibowitz, and the buyer was an affiliate of Rockville, Maryland-based Roberts Oxygen Company. The seller purchased the property in 2024 for $4.8 million.
📊 Commercial: The home of the Kingswood Academy, an early childhood education center, at 4137 South Congress Avenue in Palm Springs changed hands for just under $6 million. The seller was a company managed by Neil and Janice Williams, and the buyer was Gladiadores Group LLC, which is managed by Enrique Iturriaga. Built in 2016, the building spans 9,900 square feet and sits on a 2.4-acre lot.
By the Numbers: Multifamily insurance costs surge 58 percent over past five years, adding pressure to NOI growth
Apartment landlords have long been struggling with rising operating costs, but a new report shows that escalating property insurance has been hitting owners the hardest.
Over the past five years, property insurance climbed 58 percent — the fastest-growing major expense category for landlords, according to a new report from research firm Trepp.
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