downtown flips

Real Estate Wire

470 Eleventh Avenue by archilier architecture

Today’s residential real estate news highlights in one digestible bite:

  • Black House just closed on the $62M Hudson Yards site needed for Archilier Architecture’s lantern-like mixed-use tower. [TRD]
  • A rare luxury residential building in Boerum Hill is on the sales block and could garner well over $50M. [NYP]
  • Who says writers don’t make money? Author Jonathan Safran Foer wants $13M for his Park Slope home. [Curbed]
  • The sale of Long Island College to Fortis Property Group has been finalized. Next up for the site? Luxury condos, of course. [Crain’s]
  • A new 19-story mixed-use tower is rising in Kips Bay, plus 714 more condos for Downtown Brooklyn. [Curbed]
  • The Landmarks Preservation Commission may not mind the Pastis building being topped off, but 290 West End Avenue won’t be getting a penthouse. [Curbed]
  • A 5-story Greenwich walk-up apartment building just sold for double the price a seller bought it for three years ago. It took just a week and a half to find a buyer. [Crain’s]

Black House’s tower (left); The Jonathan Safran Foer pad (right}

Architecture, Cool Listings, Greenwich Village

18 West 11th

Lovers of NYC landmarks rejoiced just last week when it was announced that Justin Korsant of Long Light Capital would be keeping the frontage of his recent Greenwich Village buy intact. But even with plans in the works to gut the interior and start fresh, Long has no intention of living in the home at 18 West 11th. The soon-to-be-updated pad and was just listed for $13.5 million over at Urban Compass. Long originally paid $9.25 million for the property. Downtown flip, anyone?

See the new floorplan and renderings here

Featured Story

Features, Manhattan, real estate trends

downtown flips

At any given hour when you turn on a home design television channel you have about a 50% chance of landing on a realty show about flipping houses.  In real life, though, it’s not all hunky property brothers and fairy tale endings; trying to flip a house is a gamble, which is why oftentimes the most successful flippers are those on the inside, like real estate developers and seasoned brokers.

For anyone looking to make a flip, New York is ripe with opportunity thanks to low inventory and a constant race to be bigger and better.  Within the city, Downtown Manhattan is the ripest fruit on the vine.  Full of highly desirable, trendy neighborhoods, it’s a hot bed for investors.  There’s no textbook definition of a flip, but it’s generally thought of as a three-year turnover.  Downtown there have been 58 apartment swaps within the past three years.  We take a look at some of the greatest hits.

This way for all the triumphant flips

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