When is the best time to sell a beachfront estate in one of South Florida’s most coveted towns?
If you ask New Jersey-based investor Shaya Prager, the answer is: right before creditors start circling overhead like vultures.
Just two years after purchasing 105 and 115 Ocean Boulevard in exclusive Golden Beach, Prager listed both properties for $68 million — more than double the $30 million he paid for them in 2021.
He bought 115 Ocean Boulevard for $21 million in the summer of 2021, and 105 Ocean Boulevard, an adjacent parcel, for $9 million a few months later, records show.
Dina Goldentayer with Douglas Elliman is the listing agent.
Prager, whose firm Opal Holdings purchased some $2 billion worth of office buildings nationwide in 2021 and 2022, has come under fire for the controversial ground lease structure he used to acquire the properties. He also was forced to return the keys to two office buildings in Dallas-Fort Worth, and he’s facing foreclosure on a Minneapolis-area office.
At the same time, investors related to three other properties in Iselin, New Jersey, Richmond, Virginia and Fort Washington, Pennsylvania sued Prager in June, claiming he owes them $10 million.
Offloading his beachfront compound could alleviate some of his portfolio’s distress.
The estate features three structures: a main home, a guest house and a secondary residence, according to the listing. Together, they make up 13,000 square feet of interior space. In total, the compound includes 10 bedrooms, 15 full bathrooms and three half baths.
The homes sit on a 1.4-acre lot with private beach access.
Prager bought the properties through a shell entity, 115 Ocean Blvd GB, LLC. The entity took out a $13.65 million mortgage from First Republic Bank for 115 Ocean Boulevard, records show. First Republic also provided a second mortgage for 105 Ocean Boulevard. Shimon Katz signed as the LLC’s managing member on both mortgages. Katz has signed for Prager-controlled entities on commercial purchases.
The entity took out two additional mortgages from JP Morgan Chase in 2024, records show. It borrowed $12.35 million for 115 Ocean Boulevard in January, and $4.9 million for 105 Ocean Boulevard in April. Prager signed for both mortgages and listed his home address, 7 Olive Court in Lakewood, New Jersey, on the mortgage he took out in April. Prager also signed for the LLC on a notice of work filed in 2021, according to records.
Prager did not comment on the listing.
Wealthy buyers have recently flocked to Golden Beach, a tiny enclave with oceanfront homes.
In May, real estate mogul Stuart Meyers sold his oceanfront Golden Beach teardown for $21 million, marking the town’s biggest sale of the year so far. Former hedge fund manager Alberto Franco and his wife, Rossana Franco, sold their waterfront Golden Beach mansion for $14.5 million in March.
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