Commercial real estate exec buys Palm Beach condo

Michael M. Rotchford and his wife, Margaret, bought a two-bedroom, two bath at 44 Cocoanut Row in Palm Beach from Julian Hyman and Barry Hyman for $525,000 on March 28.

Unit #422 is in the Palm Beach Towers.

Mr. Rotchford is a senior managing director at Cushman & Wakefield, Inc., which specializes in real estate services. He also served as president of the firm's broker-dealer division, Cushman & Wakefield Securities. He has also served as director of Agree Realty Corporation in Farmington Hills, Mich., since 1993.

Prior to joining Cushman & Wakefield in 2000, he was managing director of the Saratoga Group, an investment managing organization specializing in tax and asset-based financing. He was also a director in the investment banking division of Merrill Lynch & Co., where he managed the commercial mortgage placement group.

Mr. Rotchford has a bachelor's from the State University of New York in Albany.

Condo sales in Palm Beach dropped 17 percent through December 2007 versus the same period in 2006. The median sales price also fell from $800,000 to $750,000.

Address: 44 Cocoanut Row, #4220
Buyer(s): Michael M Rotchford and Margaret M Rotchford
Seller(s): Julian B Hyman (Trustee), Barry S Hyman (Trustee), and George A Hyman Md (Revocable Trust)
Sale date: 2008-03-28

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