The Real Deal New York

Flip of Boerum Hill townhouse would net owner 280% gain

Brooklyn home bought for $900K in August now asking $2.5M; reportedly, no renovations done
April 09, 2014 08:30AM

The owner of a Brooklyn multifamily townhouse is asking $2.5 million for a property purchased for $900,000 last August. It appears that the red-brick building has undergone zero upgrades nor any renovations since the sale.

Paul Murphy with the Corcoran Group has the listing for the 2,100-square-foot building at 101 Douglass Street in Boerum Hill. The owner of the red-brick house originally put the two-unit building on the market for $2.9 million at the end of last month.

At the time, the multi-family was one of the more expensive listings in the neighborhood, brokers in the area told BrickUnderground. The steep price may be attributed to the structure’s 4,000 buildable square feet, since townhouses of roughly that size have recently sold for an average of $3.5 million, according to the blog. [BrickUnderground]Angela Hunt