When the office building at 250 Royal Palm Way came on the market in a 2010 foreclosure sale, Anthony DiTommaso and Rusty Warren, co-CEOs of Ivy Equities, saw an opportunity they couldn’t pass up.
The Greenwich, Conn.-based executives, whose firm Ivy Realty, is headquartered in Montvale, N.J., entered a market they had set their sights on with the $7 million purchase of the property. DiTommaso, 47, and Warren, 44, have more than 9 million square feet of commercial real estate in the New York Metropolitan area and along the southern part of the Northeast Corridor in their portfolio, but after the economic downturn began to investigate investment in southeastern Florida.
They were convinced that commercial real estate in the region represented good value, DiTommaso said. “We believe it will be bouncing back relatively soon.”