Oceanfront condominium · Palm Beach · Ground lease
Two North Breakers Row, Palm Beach
A 1986 five-story oceanfront condominium at 2 N Breakers Row, Palm Beach 33480, on the north end of The Breakers resort property, with 470 feet of shoreline, a manned guard house, an on-site manager, resort housekeeping and concierge service, residences of 3,000 to 6,400 square feet, a monthly fee of $14,530 at the median of current listings, and a ground lease owned by the resort’s family that had 36 years to run in 2025.
I read the ground lease before anything else, ask your lender in writing what the remaining term does to the loan, and set the recent closings against the asks so you see what the lease has already done to price.
What it is
What Two North Breakers Row is
Two North Breakers Row stands at 2 N Breakers Row, on the north end of The Breakers resort property in the middle of the island, with the hotel’s golf course on one side and the Atlantic on the other. It was finished in 1986, rises five stories by the listing data, and is organized in north and south wings with penthouses above, which is why unit numbers read N25, S32 and PH4. The residences are large: current and recent sales run from about 3,013 to 6,435 square feet, with two-bedroom plans starting above 3,000 and three-bedrooms of 3,445 to 4,068.
What sets the building apart from every other condominium on this site is the ground. The condominium sits on land leased from the Kenan family, who own The Breakers, and a March 2025 report put the remaining term at 36 years, which runs to about 2061. The same report said that no one has been told what happens when the lease ends, that a resort membership used to come with the residences and no longer does, and that a Breakers membership is a separate purchase with its own initiation and annual fee. Owners do receive housekeeping and concierge service from the resort, and the building has a manned guard house, an on-site manager, a pool with cabanas, a fitness room and deeded private beach access along 470 feet of shoreline.
Prices are high and the days on market are long, and the live market table below shows the last twelve months of closings. That is the lease talking, and it is why I start there.
Filtered to this place
Homes for sale in Two North Breakers Row
The cards below come from a saved search drawn around the single parcel at 2 N Breakers Row, so you see this building only. When one is for sale I tell you the wing, the floor, the fee and what the ground lease has to say about it.
$13,500,000
For Sale
2 N Breakers Row N PH4 Palm Beach, Florida
3 Beds 4 Baths 3,560 SqFt
$7,495,000
For Sale
2 N BREAKERS Row N45 Palm Beach, Florida
2 Beds 3 Baths 3,084 SqFt
$6,250,000
For Sale
2 N BREAKERS Row S32 Palm Beach, Florida
3 Beds 4 Baths 3,020 SqFt
All listings featuring the BMLS logo are provided by BeachesMLS, Inc. This information is not verified for authenticity or accuracy and is not guaranteed. Copyright © 2026 BeachesMLS, Inc. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by BeachesMLS. Listings held by brokerage firms other than Douglas Elliman Real Estate are identified with the listing firm’s name on each listing’s detail page. Listing data last updated Friday, November 6th, 2026 at 08:48:20 AM.
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Numbers first
Two North Breakers Row market, last 12 months
Three closed sales in twelve months is a thin sample, so read the median as a marker, not a price for any one home. We pull every closing here for any home you are considering.
| Measure | Last 12 months |
|---|---|
| Homes sold | 3 |
| Median sale price | $11,500,000 |
| Median price per sq ft | $1,993 |
| Active listings now | 3 |
| Median asking price now | $7,495,000 |
| Months of supply now | 12.0 |
BeachesMLS closed sales inside the boundary of Two North Breakers Row, twelve months through October 2026, via IDX Broker. Active listings now is live from the MLS feed; the median asking price updates monthly. Listing information deemed reliable but not guaranteed.
The lease first
What a ground lease changes, then the fee, then the building
A condominium on leased land is a different purchase. You take a deed to the unit and a share of the common elements, but the land under them belongs to someone else, and the association pays rent for it under a lease with an end date. Three things follow. The rent is in the budget, so part of the monthly fee is land rent rather than building upkeep. Lenders count the years left on the lease against the loan term, and as the term shortens many will not lend at all, which pushes the building toward cash buyers and weighs on price; the agent who sold the discounted three-bedroom in 2025 said as much. And what happens at the end is whatever the lease says, which here nobody has publicly described. So the first document I read is the ground lease itself: the expiry, any renewal or purchase right, the rent and how it escalates, and what the lease says about the improvements when it ends. Then I put the remaining term to your lender in writing before you fall for the ocean.
The fee is the second conversation. Association fees run about $14,530 a month at the median of current listings, and most fall in the range of $13,577 to $28,198. The brokerage page says the fee covers common areas, grounds, the building, the pool, the guard house, property insurance, water, trash, sewer, pest control, cable and parking; what it does not say is how much of it is land rent and how much is the resort services. I read the budget line by line so you know what you are buying each month.
Pets are allowed with breed restrictions per the brokerage page, and listings carry buyer approval. Leasing terms are not published anywhere I could read, and in a building of this size and price that usually means leases are rare, so I read the leasing article and ask the manager how many units are leased today.
Then the building: 1986, five stories, on the sand, 40 years old this year. The milestone inspection applies at 30 years to a condominium building of three habitable stories or more, or 25 where the local building official has chosen the coastal cycle, and the structural integrity reserve study funds the roof, structure, waterproofing and windows on a schedule the owners can no longer vote away. On a ground lease the reserve question has an extra edge: the owners are funding a building they will not own the land under at some date, and I read the reserve study and the lease together to see how the association has thought about that.
For the specific home
What I check before you buy in Two North Breakers Row
The lease, the lender, the fee, the frame. In that order.
- The recorded ground lease: expiry date, renewal or purchase rights, rent and escalation, and what happens to the improvements at the end.
- Your lender’s written position on the remaining lease term, loan-to-value and amortization, before an offer.
- The current budget with the land rent and resort service lines broken out, and two years of assessments levied or proposed.
- Milestone inspection reports and the structural integrity reserve study, with the reserve balance against the schedule and the lease end date.
- The leasing article and pet rule as recorded, buyer approval steps and timing, and how many units are leased today.
- What the resort provides by contract and what is a courtesy, cabana and parking assignments, and the estoppel reconciled to closing.
Questions
Questions Buyers Ask About Two North Breakers Row
What does the ground lease at Two North Breakers Row mean for a buyer?
The land belongs to the Kenan family of The Breakers and the condominium leases it; a March 2025 report put the remaining term at 36 years. Part of the fee is land rent, lenders count the remaining years against the loan, and what happens at expiry is whatever the lease says, which has not been described publicly. I read the lease and get your lender’s written position first.
What is the monthly fee?
$14,530 a month is the median of current listings, and most fall in the range of $13,577 to $28,198. The brokerage page says the fee covers the building, grounds, pool, guard house, insurance, utilities, cable and parking. I read the budget so you can see the land rent and resort service lines.
Does the building come with Breakers membership?
Not any more. A March 2025 report says a resort membership once came with the residences and no longer does, and said a Breakers membership is a separate purchase with its own initiation and annual fee. Owners do receive housekeeping and concierge service from the resort. I confirm what is contractual before you rely on any of it.
Can I rent a residence here, and are pets allowed?
Pets are allowed with breed restrictions per the brokerage page. Leasing terms are not published; listings carry buyer approval. I read the leasing article in the declaration and ask the manager how many units are leased.
What has sold recently?
The live market table above shows the closings of the last twelve months. Expect long marketing times and wide gaps between ask and sale, which the ground lease explains. I bring the full history.
How old and how tall?
Built in 1986, five stories by the listing data, with north and south wings and penthouses. The unit count is not published on any page I could read, so I take it from the declaration.
Nearby
More Palm Beach Neighborhood Guides
Where it is
Ground lease · lender letter · budget
Let Us Take Care of the Details
Tell me the wing and the size you have in mind and whether you will finance, and I will come back with the ground lease, your lender’s written position, the budget with the land rent broken out and every closing here since 2015 before we tour. Then I coordinate every step to closing day.
Monika Phillips, Sales Associate, Douglas Elliman Real Estate, 561-768-3331
Ground lease, membership and resort service statements are from a March 2025 trade report and brokerage pages; the recorded lease and the association control. Fee, leasing, pet, approval and inspection statements on this page come from brokerage building profiles, listing records, trade press and public filings read in October 2026; the recorded declaration, the current budget and the association control. Where sources disagree on a unit count, a year or a rule, both figures are given and attributed. Figures are from the sources named in the text, as of October 2026, believed reliable but not guaranteed and subject to change without notice. Listing data comes from the BeachesMLS IDX feed and is deemed reliable but not guaranteed. Nothing here is legal, tax or insurance advice. Monika Phillips, Sales Associate, Douglas Elliman Real Estate, 561-768-3331. Equal Housing Opportunity.
