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Prominent Real Estate Developer and Pizza Mogul Purchases Renovated Fisher Island Condo for $14.2 Million

Public records reveal that Sal and Kathleen Lupoli have acquired unit 5373 at 5373 Fisher Island Drive, a condominium situated in the Bayview Tower, from Rich and Laura Kracum.

Jorge Escansena from Luxury Living Realty managed the listing, while Lourdes Alatriste of Douglas Elliman represented the buyers.

Sal Lupoli holds the position of President and CEO at the Lupoli Companies, a commercial real estate development firm based in Lawrence, Massachusetts. Additionally, he is renowned for founding Sal’s Pizza, which is recognized as one of the primary pizza suppliers for schools in the Northeast, as reported by NGN Magazine, a publication from Northeastern University.

Rich Kracum, on the other hand, co-founded Wind Point Partners, a private equity firm headquartered in Chicago, managing approximately $4 billion in assets, according to publicly available information.

Records indicate that the Kracums originally purchased the Fisher Island condo for $4.4 million in 2016. The unit, spanning 5,800 square feet and constructed in 1991, boasts four bedrooms, four bathrooms, one half-bathroom, and a theater, as per the listing. Notably, the Kracums undertook renovations with the assistance of creative director Sofia Joelsson, an interior designer based in Miami Beach.

In the past year, the Kracums listed the unit at an initial price of $18 million, subsequently lowering the asking price to $15 million in January, according to Realtor.com. The final sale price was settled at $3.8 million, representing a 21% reduction from the original listing price.

Fisher Island, located on a private island, ranks among the wealthiest ZIP codes in the United States, accessible exclusively by ferry, boat, or helicopter. Real estate agents attribute the island’s popularity among high-profile buyers to its robust security measures.

Noteworthy recent transactions on Fisher Island include the sale of an $11 million condo by art collectors and climate philanthropists Sam Rose and Julia Walters, as well as Sempra Energy CEO Jeff Martin and his wife, Lisa Bicker Martin, who resold their unit for $11.8 million, just nine months after purchasing it for $11.2 million in July. In the same month, a condo was acquired by private equity executive Michael Flacks for $24.2 million.

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