Doctor Sells Palm Beach Townhouse for $17M
An ophthalmologist turned real estate investor sold his Palm Beach townhouse for $16.5 million.
Records show Nauset Building LLC, a Florida entity managed by Dr. Stephen F. Sullivan, sold townhouse unit 1 at 221 Royal Poinciana Way to Palm Beach Realty Group LLC, another Florida entity. The true buyer is unknown.
Suzanne Frisbie of the Corcoran Group represented both the seller and buyer in the deal.
Sullivan is an eye doctor and real estate investor based in Dartmouth, Massachusetts. He is the founder of Eye Health Vision Centers, a New England-based medical and surgical eye care practice. Warwick, Rhode Island-based Claris Vision Company bought Eye Health Vision Centers in 2013 for an undisclosed price, according to Dartmouth Week.
In 1980, Sullivan began investing in commercial and residential real estate with his company, Sullivan Family Realty Investments, LinkedIn shows. Sullivan owns 100,000 square feet of medical offices and residential properties in Massachusetts, Rhode Island, New York and Florida, according to LinkedIn.
Records show Sullivan is a part-owner of an investment portfolio in Palm Beach, through his Florida entity Eye-Man Limited Partnership. Along with Tau-Mid Partnership LLP and FG Palm Beach Fund LLC — an entity managed by the Frisbie Group’s Cody Crowell, Robert Frisbie, Jr. and David Frisbie, Jr. — Sullivan bought five commercial properties on the island for $26 million in 2020, according to records.
Sullivan bought the townhouse property, dubbed One Via Flagler, for $10.5 million in 2019, property records show. Completed in 2020, the 5,400-square-foot townhouse has five bedrooms, six bathrooms, and one half-bathroom, according to records. The unit includes wine storage, a built-in coffee maker and a second-floor balcony.
He first listed the townhouse for $19 million in March of last year, Redfin shows. The sale falls $2.5 million shy of his initial asking price.
Luxury buyers have flocked to Palm Beach’s townhouses in recent months. Last week, billionaire Ike Perlmutter dropped $10 million on an oceanfront townhouse in Sloans Curve. Hedge funder David Malm bought a townhouse for $12 million in February, and financier Steven Hudson flipped a spec townhome for $26.7 million in January.
