Historic lakeside Palm Beach home lists at $30M, more than double what it sold for in 2021

Darrell Hofheinz, Palm Beach Daily News
·3 min read
With nautical inspired architecture, a landmarked house on the lakefront at 1221 N. Lake Way in Palm Beach has entered the market with an asking price of $30 million. It sold in April 2021 for $14.3 million after undergoing a major restoration-and-expansion project.
With nautical inspired architecture, a landmarked house on the lakefront at 1221 N. Lake Way in Palm Beach has entered the market with an asking price of $30 million. It sold in April 2021 for $14.3 million after undergoing a major restoration-and-expansion project.

A landmarked Palm Beach house that was completely renovated before it sold in April 2021 for $14.3 million this week entered the market at more than double that price.

The award-winning Art Moderne-style house at 1221 N. Lake Way was listed for sale Tuesday at $30 million.

With six bedrooms, the house has 6,040 square feet and stands on a narrow lot of three-tenths of an acre with about 65 feet of lakefront and a dock with a boat lift.

The asking price demonstrates how home values have escalated on the island since the coronavirus pandemic entered the real estate picture in early 2020. The price also reflects the continuing effects in Palm Beach of strong buyer demand for newly renovated waterfront properties, said agent Whitney McGurk, who holds the listing with agent Liza Pulitzer, his colleague at Brown Harris Stevens.

“It’s a unique price point for something that is ready to move into in today’s market,” said McGurk.

Just listed at $30 million, this landmarked house with 65 feet of water frontage and a dock in the Intracoastal Waterway will be sold with deeded ocean access via a neighborhood cabana down the block.
Just listed at $30 million, this landmarked house with 65 feet of water frontage and a dock in the Intracoastal Waterway will be sold with deeded ocean access via a neighborhood cabana down the block.

He added that the listing was a “jewel box of a property” and mentioned the lot’s frontage on the Intracoastal Waterway. But the property also has an ocean component: It will be sold with beach access through a neighborhood cabana down the street on nearby Mockingbird Trail.

Pulitzer called the access to the shore “an amazing bonus, because I consider it to be probably the best beach street access in the North End. So it’s a really exciting listing.”

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Built in 1937 with nautical-inspired details, the house was restored, renovated and expanded by developer Todd Michael Glaser and his interior designer wife, Kim, who used it as their personal residence before it changed hands in 2021.

The Glasers sold the house to the limited-liability company that still owns it — 1221 NLW LLC, a Delaware-registered entity with an address in care of Select Family Office in New York City, property records show. Because of Delaware’s strict corporate privacy laws, no other information about the owner has been available in public records.

McGurk and Pulitzer handled the buyer's side of the sale in 2021, with agent Suzanne Frisbie — then of Premier Estate Properties but today with the Corcoran Group — negotiating for the Glasers.

A 1937 residence at 1221 N. Lake Way in Palm Beach was just listed at $30 million. It features nautical-inspired architecture in the Art Moderne style.
A 1937 residence at 1221 N. Lake Way in Palm Beach was just listed at $30 million. It features nautical-inspired architecture in the Art Moderne style.

FROM THE 2021 ARCHIVES: Developer Glaser, wife sell landmarked Art Moderne-style house they restored on Palm Beach lakefront

The Glasers’ renovation won them the 2019 Preservation Foundation of Palm Beach’s Polly Earl Award, which recognizes historically sensitive updates of small-scale landmarked properties.

Nicknamed the “Fore and Aft House” and “The Boat House,” the home has ship-shape architectural details that include porthole-style windows, pipe railings and curved design elements.

The Glasers’ project also replaced the driveway, decking and swimming pool, in addition to updating windows, doors and electrical, plumbing and other systems.

A large bow window is among the architectural details at 1221 N. Lake Way, a landmarked Palm Beach house that just entered the market with an asking price of $30 million.
A large bow window is among the architectural details at 1221 N. Lake Way, a landmarked Palm Beach house that just entered the market with an asking price of $30 million.

Inside, crews installed teak floors — a nod at yacht decks — in some rooms and maple floors in others. In other rooms, the existing parquet and wood-plank floors were refinished. The project also retained many of the original glass-block details, the fireplace faced in stone and the large bay window in the living room.

The latest sales listing mentions outdoor living spaces on the first and second floors, along with a rooftop deck overlooking the Intracoastal.

The dock at 1221 N. Lake Way in Palm Beach recently got a new boat lift. The North End property, which was just listed at $30 million, looks across the Intracoastal Waterway to the mainland.
The dock at 1221 N. Lake Way in Palm Beach recently got a new boat lift. The North End property, which was just listed at $30 million, looks across the Intracoastal Waterway to the mainland.

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Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.

This article originally appeared on Palm Beach Daily News: Palm Beach house lists at $30M, more than twice its 2021 sale price