Entity linked to Tisch family of Loews Corp. buys ‘the most important penthouse in Palm Beach.’
By Darrell Hofheinz/Daily News Real Estate Writer
Financier Lee Munder and his jewelry-designer wife, Laura, have sold their lakefront penthouse in Il Lugano privately for a recorded $17.45 million, setting a sales record for a Palm Beach condominium, according to property records.
The four-bedroom apartment — No. 6A at 300 Seminole Ave. — set the same record five years ago when the Munders bought it for about $12 million.
The buyer this time is a Delaware limited liability company with a New York City address identical to Tisch Family Management Group and a division of Loews Corp., the Tisch family’s financial holdings company, according to the deed recorded Wednesday by the Palm Beach County Clerk’s Office. The buyer is identified as Keegan and Kiel Partners LLC with an address listed in care of TFMG Associates.
The Munders extensively renovated the condominium, which occupies the top floor of the west building in the two-building development. With 5,870 square feet of living space, inside and out, the apartment offers wide views from its west, south and north windows as well as its five terraces.
The Munders have moved across the bridge, having paid $3.52 million in January for an Art Deco-style house built in 1937 at 2631 S. Flagler Drive, property records show. Agent Stephen R. Simpson of Fite Shavell & Associates handled that deal but said he was not involved in the Il Lugano sale.
The apartment was not listed for sale in the multiple listing services that serve the island.
The Munders bought the Il Lugano residence — one of 14 units in the development — in May 2008 from Miami Dolphins majority owner and real estate developer Stephen Ross. In that deal, agent Susan Polan of Illustrated Properties acted for the seller, with Corcoran Group agent Ryan Munder representing his father and stepmother, according to MLS records.
Ryan Munder last week declined to say whether he was involved in this month’s sale and would not comment further. Corcoran agent Jim McCann confirmed that he was involved in the sale but would say nothing more.
On Thursday, Polan called the apartment “the most important penthouse in Palm Beach. The price (it just fetched) does not surprise me at all. The views are spectacular. You can even see the ocean. It just speaks to the wonder of Palm Beach.”
Il Lugano, formerly a 66-unit rental complex named the Dorset House, was redeveloped in 2000 by Richard Schlesinger and his son, Adam.
The penthouse that just sold has its own pool cabana, three garage parking spaces and access to the building’s wine-storage area and dock, according to Polan, who declined to speculate as to the identity of anyone associated with the buyer.
But Loews Corp. principal Jonathan M. Tisch — one of three Tisch family members who serve as company president — has strong family ties to Palm Beach. He is married to the former Lizzie Stern Rudnick, the daughter and stepdaughter, respectively, of longtime residents Nancy Lane and Jeffrey Lane. Known for his philanthropy, Tisch also serves as chairman of the Loews Hotel subsidiary and is a co-owner of the New York Giants football team.
The Il Lugano apartment had a “total market value” of about $7 million in the 2012 tax rolls – ranking it as the town’s highest-valued condominium, a distinction it has held for several years at least, according to the Palm Beach County Property Appraiser’s office.
Lee Munder founded Lee Munder Capital Group, a Boston-based investment advisory firm. His wife owns Laura Munder Fine Jewelry, which sells her designs through Neiman Marcus and at company boutiques on Worth Avenue and in Nantucket, Mass.
A few months after buying the apartment, Lee and Laura Munder sold their renovated 16,000-square-foot oceanfront house at 1029 N. Ocean Blvd. Property records don’t list the full amount that changed hands, but at the time it was reported to be in the $30 million range. The couple had owned the house since 1995.
The Munders also own historic Thistlewood, an estate of nearly 13 acres of land outside Lenox, Mass., which they bought for $2.3 million in 2003, records show. They renovated the property, which has been on the market for about two years and is listed at $6.9 million through Stone House Properties of West Stockbridge, Mass., a company representative confirmed.
In March, the Munders sold a condominium on Wooster Street in New York City for $6.33 million and bought another one on Crosby Street for $6 million, property records show.
The couple also owns property in the Hamptons.
Lee and Laura Munder and Jonathan Tisch did not return phone messages last week.
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