A Massachusetts commercial real estate developer — who is also a pizza mogul — bought a renovated Fisher Island condo for $14.2 million.
Records show Sal and Kathleen Lupoli bought unit 5373 at 5373 Fisher Island Drive, a condo in the Bayview tower, from Rich and Laura Kracum.
Jorge Escansena of Luxury Living Realty had the listing, and Lourdes Alatriste of Douglas Elliman brought the buyers.
Sal Lupoli is president and CEO of the Lupoli Companies, a Lawrence, Massachusetts-based commercial real estate development firm. He also founded Sal’s Pizza, one of the largest pizza suppliers for schools in the Northeast, according to NGN Magazine, a Northeastern University publication.
Rich Kracum is the co-founder of Wind Point Partners, a private equity firm based in Chicago. The firm has roughly $4 billion in assets under management, according to published reports.
The Kracums bought the Fisher Island condo for $4.4 million in 2016, records show. Built in 1991, the 5,800-square-foot unit has four bedrooms, four bathrooms, one half-bathroom and a theater, according to the listing. The couple renovated the unit with creative director Sofia Joelsson, an interior designer based in Miami Beach.
The Kracums listed the unit for $18 million last year, and dropped the asking price to $15 million in January, Realtor.com shows. The sale price is $3.8 million, or 21 percent, below the original asking price.
Fisher Island is a private island and one of the wealthiest ZIP codes in the U.S. It is accessible only by ferry, boat, or helicopter. Agents say the island’s vigilant security is a huge draw for its high-profile buyers.
Last month, art collectors and climate philanthropists Sam Rose and Julia Walters sold their Fisher Island condo for $11 million. In July, Sempra Energy CEO Jeff Martin and his wife, Lisa Bicker Martin, flipped their unit for $11.8 million, nine months after buying it for $11.2 million. That same month, private equity boss Michael Flacks bought a condo for $24.2 million.