5 Grant Avenue Changes Hands For Third Time Since 2022, Sells For $35 Million

5 Grant Avenue sold for $35 million this week and this is the third time the property has sold since 2022. It has increased in value by 75 percent in less than four years.

According to the purchaser’s affadavit filed with the Land Bank, the transfer was finalized on October 27th. The seller was Seahorse Lane LLC while the buyer was Five Grant Avenue Nominee Trust. 

The property was sold to private equity investor David Malm for $19.9 million in November of 2022. It was part of Malm’s nearly $100 million real estate portfolio on Nantucket and Martha’s Vineyard, which was featured in an exclusive Wall Street Journal article in January of 2023.

Then in January of 2024, Malm sold the property for $26.6 million to Seahorse Lane LLC. The identity of this buyer was never disclosed.

Now nearly three years later, 5 Grant Avenue is sold to Five Grant Avenue Nominee Trust for $35 million, representing a massive 75 percent total value increase between Malm’s initial purchase in 2022 and now.

The property overlooking Jetties Beach consists of a 5,200-square-foot, five-bedroom home and 800-square-foot guest cottage are situated on a .42-acre lot. A Land Bank fee of $700,000 was paid.