Frisbies sells Spec townhouse in Palm Beach for $28 million

Rick Frisbie of Frisbie Group with 460 S Ocean (Frisbie Group, Corcoran)

The Frisbies have sold a townhouse on the former site of Charley’s Crab restaurant on Billionaires’ Row in Palm Beach to a trust for $27.8 million.

Property records show that an entity run by David, Robert and Katie Frisbie and Cody Crowell sold townhouse unit 2 at 460 South Ocean Boulevard to a trust run by New York attorney Paul R. Comeau .

The buyer took out a $19.3 million mortgage with New York-based JPMorgan Chase, records show.

The Sellers run Frisbie Group, a Palm Beach-based private real estate investment firm. David, Rick, Robert Frisbie Sr. and Suzanne T. Frisbie founded the company. Katie Frisbie Crowell and her husband, Cody Crowell, help run the business, according to the company’s website.

The 8,804 square foot townhouse was completed last year, records show. It has five bedrooms, seven bathrooms and one half bathroom, according to a previous Corcoran listing. It was available to rent for $195,000 a month before it was sold, said Suzanne Frisbie, who is also an agent with Corcoran.

The deal was made off-market, according to The property was last sold in 2018 for $26.3 million, records show. According to Suzanne Frisbie, the Frisbie Group tore down the iconic Charley’s Crab restaurant and built the five-unit project. It is one of the many developments of the Frisbie group.

Palm Beach, like much of South Florida, has seen a boom in luxury sales during the pandemic as high-income shoppers flock to the area.

Earlier this month, a non-waterfront mansion in Palm Beach, also on Billionaires’ Row, sold for $48.5 million.

Last month, a Pennsylvania buyer paid $17.8 million for a townhouse and a Jordanian princess sold a waterfront home for $45.4 million to a Delaware company.

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