Developers complete Ocean Delray condo project with estimated $126M sellout

U.S. Construction and National Realty Investment Advisors completed Ocean Delray about three years after plans for the boutique condo project were approved.

Philadelphia-based U.S. Construction and New Jersey, Secaucus-based NRIA expected to complete the development in the fourth quarter of 2020, but the project was delayed due to the pandemic and supply chain issues, a spokesperson said.

The 19-unit development at 1901 South Ocean Boulevard has an estimated sellout of $126 million, according to the spokesperson. Seventeen units have sold for an average of $1,800 per square foot. The two remaining units are priced at $6.2 million and $5.8 million, each with four bedrooms, four full bathrooms, and one half bathroom.

The majority of buyers were from the Northeast purchasing their second or third homes. Some buyers were local, according to the spokesperson.

Prices for the units that sold ranged from $5.9 million and $8.1 million, according to a release. IMI Living is the exclusive sales and marketing team.

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The units range in size from 3,373 square feet to more than 4,400 square feet, according to the release. Each unit includes a two- or three-car air conditioned garage with electric car charging stations and room for golf carts.

Randall Stofft was the architect and Stofft Ikasu designed the interiors.

In 2020, the CEO of Creston, an automation company that makes smart lighting controls and audio and video technology, bought a condo at Ocean Delray for $7.6 million.

NRIA acquired the site, previously home to the Wright by the Sea Hotel, in 2018 for $25 million. The property has about 200 feet of water frontage.

NRIA and U.S Construction are still building the second phase of the project, called The Estates at Ocean Delray. Phase two is a group of five single-family luxury homes across the street, which is expected to be delivered in the third quarter, according to the release.

Last month, a Fort Lauderdale-based real estate investment company bought a 60-unit Delray Beach condo complex in a bulk purchase for $13.5 million.