The Real Deal New York

A-Rod catches substantial profit from Rushmore flip

January 24, 2012 10:00AM

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The Rushmore, Alex Rodriguez and Modlin Group President Adam Modlin

Yankees slugger Alex Rodriguez has sold his Rushmore condominium for a significant profit just 10 months after buying it last March, the Wall Street Journal reported. Rodriguez put the unit on the market in October with Modlin Group President Adam Modlin for $8 million, seven months after he purchased it for $5.5 million

The apartment entered contract last week, and although the Journal could not determine the exact price, brokers familiar with the deal said it would yield a substantial profit for baseball’s highest-paid player. The 3,585-square-foot apartment comprises the entire 35th floor of one of the two structures in Extell Development’s luxury complex at 80 Riverside Boulevard near 65th Street.

The third-baseman’s high-profile purchase in the building last year increased interest in the building, positively impacting both the sales pace and the sales prices, brokers said. It is unclear why Rodriguez sought to flip the apartment so quickly. [WSJ]

 

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