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New York firm pays $58M for Wellington apartments Deal breaks down to more than $180,000 per unit By Sean Stewart-Muniz | March 07, 2016 10:30AM The Solara at Wellington apartment complex Affiliates of Phillips International, a New York real estate company , just paid $58 million to AEW Capital Management for the Solara at Wellington Apartments. Solara is a mid- rise apartment community with 320 units at 12535 South Shore Boulevard , directly north of the Palm Beach Polo & Country Club. It was first built in 1991 and has traded hands between firms several times since then, most recently in 2007 when California’s IMT Residential gave ownership of the apartments to Boston- based AEW Capital Management for an unknown price, according to Palm Beach County property records . AEW manages investments primarily on behalf of institutional and private investors. According to its website, the firm has about $34 billion worth of assets in North America. The company recently sold a trop...

Katz’s Deli, the iconic New York deli, has been serving its customers for well over 100 years. Getty Images Elon Musk once compared building a business to “eating glass and staring into the abyss of death.” George Orwell, for his part, once described writing a book as a “bout with a long illness,” a sentiment that many entrepreneurs and creatives would agree with. The point is: No one would willingly subject themselves to any of the suffering that goes into building something if they thought their efforts were going to disappear with the wind. Yet the truth is, most businesses and most art does disappear. It might be easier than ever today to start a business—a few bucks on LegalZoom and you’re the CEO of a brand new LLC. What is still hard and what has always been hard it keeping your doors open, staying in business, and keeping customers happy over the long term will never be easy. In a world obsessed with the new and the trendy, we don’t tend to give enough credit to people do ma...

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