NYC Flips

October 28, 2014

Will Bill Ackman Be Able to Pull off a $90M Condo Flip at One57?

It's true that One57′s first flip saw a $3.5 million profit in just five months, but that unit sold for $34 million the second time around. A selling price of more than $90 million is a different story--and that's exactly what hedge fund manager William (Bill) Ackman is hoping to achieve. In a profile in the Times on Sunday, Ackman was revealed as the buyer of the $90 million penthouse at the luxury building, which is sure to see its share of flips. But he also shared that he has no intention of ever living in the apartment. He'll stay with his wife and daughters at their current home in the Beresford and use the penthouse as a "fun" investment opportunity for himself and some good friends, perhaps hosting a few parties there in the meantime.
More on the planned flip here
August 26, 2014

Flatiron Loft Sells for $7.6 Million, More Than Double its 2010 Price Tag

It's not often a flip yields a $4,655,000 profit in just four years, but that's exactly what happened at the 10th-floor loft at 17 West 17th Street. The full-floor Flatiron apartment sold in 2010 for $3,095,000, but was a massive, raw studio at the time with only one bathroom and no formal kitchen. It's now a true four-bedroom space with three additional bathrooms and a clear definition of rooms. The intensive renovation paid off, netting previous owner Peter Vogelsang, a lawyer with the Alberleen Group, an impressive $7.6 million, according to recent city records.
Let's take a look at the profitable pad