A company linked to wealthy businessman Michael Bozzuto purchased a Palm Beach Shores marina that’s next door to a home he owns for $25 million.
PBS Marina LLC, a partnership between Jared Frydman of JSB Capital Group and Ryan Johnston of Johnston Group Development, sold the 54-slip marina on 1.51 acres plus one commercial condo at 176 Lake Drive to Atlantic Straits Investments LLC, which has the same North Palm Beach address as a home owned directly by Bozzuto. Property data firm Vizzda confirmed the parties in the deal.
The marina is part of the Havn Residences & Yacht Club, which includes 36 apartments. The residential space was not part of the deal.
In 2023, PBS Marina and PBS Condominium purchased both the marina and the apartments for $58.5 million. They were developed in 2008 and are along the Intracoastal Waterway, near the Palm Beach Inlet leading to the ocean. The property is on Singer Island.
In 2024, a company connected to Bozzuto purchased the mansion at 170 Lake Drive for $31.17 million. The Palm Beach Post reported in 2024 that Bozzuto was fighting for the right to moor his 164-foot yacht behind a home in North Palm Beach.
He’s the CEO of supermarket wholesaler Bozzuto’s Inc, which is based in Connecticut.
Meanwhile, PBS Condominium recently closed a $36.64 million mortgage from Bank Hapoalim to convert the apartments at HAVN to condos. Berkadia’s Mitch Sinberg, Scott Wadler, Brad Williamson, Matt Robbins, and Mike Basinski arranged the loan. The developer will upgrade the residential property with interior improvements, refined landscaping and enhanced finishes. They are priced from $1.25 million to $3.5 million.
“HAVN Residences is exactly what buyers are looking for in South Florida – brand new finishes on the water with immediate access to a full-service marina,” Sinberg said. “This product is in high demand because it feels like new construction, but without the wait or uncertainty of getting completed before buyers are able to move in.”
By Brian Bandell – Real Estate Editor, South Florida Business Journal