The Real Deal New York

Speculators scored big flipping properties in 2014

Most lucrative flip in Manhattan: a 224 percent profit on an Upper West Side unit

December 29, 2014 10:30AM

From left: 101 West 87th Street and 350 West 42nd Street

From left: 101 West 87th Street and 350 West 42nd Street

Speculators from Manhattan to Brooklyn are flipping properties and cashing in big profits.

The top flip this year was a 223.6 percent profit on a one-bedroom, one-bathroom apartment at 101 West 87th Street, which was bought for $274,395 and resold for $888,000, according to the New York Post.

The borough’s second largest flip was a resale at The Orion, a new condominium development at 350 West 42nd Street. There, a 12th floor unit was bought for $850,000 in July and flipped for $1.4 million a month later, the newspaper reported. The flip resulted in a 62.4 percent profit.

The third big flip on Manhattan was a fifth floor unit at 211 East 13th Street. The apartment was bought for $1.2 million in July and sold for $1.6 million in October, the New York Post reported.

“Flipping in New York City is not just a luxury market phenomenon,” Alan Lightfeldr, a real estate analyst at StreetEasy, told the newspaper. [NYP] — Claire Moses 

 

  • wow

    too bad 35% of that goes to Uncle Sam LOL

  • Nick

    I am sure most of them did a 1031 exchange to save on those taxes

  • Anibar

    I hope the head of marketing / broker / person who performed the pricing study at the Orion doesn’t lose his job.

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