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.