The Real Deal New York

A look at downtown’s most profitable flips

Three sellers more than doubled their money in just three years

June 14, 2014 01:00PM

Clockwise from left: 20 Greene Street, 222 West 14th Street, 241 Fifth Avenue and 114 Greene Street

Clockwise from left: 20 Greene Street, 222 West 14th Street, 241 Fifth Avenue and 114 Greene Street

WEEKENDEDITION The residential market in downtown Manhattan is hot, and with prices soaring ever higher, home flips are up. There were roughly 58 apartment flips – defined as changing hands twice within a three-year period – downtown over the last three years, according to CityRealty’s new blog, 6sqft.com. And here is a look at some of the biggest moneymakers.

20 Greene Street 

20-greene-street1

In May, the Winklevoss twins, best known for scoring a $300 million settlement against Facebook, dropped $14.5 million on apartment 6A at 20 Greene Street in Soho. For seller, Justin Ehrlich, that represents a 51 percent profit.  Just one year before, in April 2013, the developer purchased the unit for just $9.6 million.

222 West 14th Street

the-seqouia1

The Sequoia, located at 222 West 14th Street, was one of the first luxury buildings in the Meatpacking District.  And in January 2012, a Long Island businessman picked up apartment 10E for $1.2 million.  The 1,105-square-foot unit sold this year for $1.875 million to a Chicago-based buyer, for a 56.3 percent profit.

241 Fifth Avenue

241-Fifth-Avenue-16B1

Okay, this one isn’t really “downtown,” but that didn’t stop it from flipping to the tune of a hefty profit. Built in 2013, the 20-story NoMad building’s unit 16B was sold to a New Jersey-based buyer for $2.18 million. That was in October. By January, the apartment had sold again to an Italian businessman for $2.65 million — a 21 percent profit.

114 Greene Street

114-greene1

This 4,500-square-foot Soho apartment was purchased by a Nyack, NY-based buyer in October 2012 for $8.9 million.  Just 17 months later, the unit had flipped for a 55.1 percent return when a Chicago-based buyer nabbed it for $13.8 million. [6sqft]Christopher Cameron

comment form

You must be logged in to post a comment.

MENU