The first of what’s sure to be many flips at One57 has just netted its seller a respectable $3.45 million profit, just five months after its purchase. According to NYDN, the former owner, Investor Sso Enterprises, paid $30.55 million for the 58th-floor three-bedroom back in May, now selling it off for $34 million to hedge fund manager Harvey Sandler and his wife.
In January of 2013, in the dead of winter, an 1899 detail-laden Italianate townhouse fixer-upper at 102 Gates Avenue hit an inventory-starved rising market. The listing price of $1.295 million, was a double-take for many, even though it was less than what properties like it were selling for in the area.
Fast forward to September 2014, where renovations, which commenced almost immediately after the sale, are nearing completion (and according to reports, they’ve been done right). Word is that the house is about to head back to the market—at more than twice its winter selling price.
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?
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.