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Tiffany building sold on Worth Avenue

Diamon’s a girl’s best friend. And investors love them too.

The Real Deal reports that Fortress Investment Group, based in New York, sold its Tiffany & Co. building on Worth Avenue in Palm Beach for $26.4 million. The buyer is 259 Worth Avenue LLC, based in Delaware. Fortress bought the building at 259 Worth Avenue in 2018 for $20 million. No doubt elevating its style on already glitzy Worth Avenue, Tiffany has installed marble floors and steel doors in the 11,081 square feet it has leased since 1991.

It could be that Tiffany and neighboring stores such as Brioni, Lilly Pulitzer, Salvatore Ferragamo and Chanel may soon have residential neighbors. The Real Deal also reports that late last year, Palm Beach approved plans from architect Keith Spina that see the building’s second floor being converted into a 10,000-square-foot condo and the third floor into a spa. In the meantime, Tiffany & Co. is being acquired by French luxury company LVMH.

This is good news for the diversification of the famous street, whose famous retailers is being battered by the pandemic. With the Neiman Marcus store closing in September and more than 40 vacant storefronts, the town is currently seeking a retail consultant that can contribute to a revitalization of a South Florida luxury destination. No doubt mixed-use projects that complement Palm Beach’s luxury can be part of a solution to recovering from the pandemic.

Photo: Google Street View

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.