The Real Deal New York

One57 condo flip nets close to $4M profit

Chicago investor paid $30.6M for three-bedroom in May, then sold it for $34M
October 03, 2014 11:30AM

Chicago-based investor SSO Enterprises flipped a condominium unit at One57 for a profit of nearly $4 million, having paid $30.6 million for it in May and unloading it for $34 million this week.

The three-bedroom unit on the 58th floor at Extell Development’s forthcoming high-profile residential tower was on the market for $40 million as a sponsor unit. Hedge-fund manager Harvey Sandler and his wife Phyllis acquired the 4,483-square-foot resale unit for $34 million.

Noble Black of the Corcoran Group had the listing, while RLTY NYC brokers David Benmen, Ben Benalloul and Daniel Messing represented the buyer.

Apartments at the 1,350-foot-tall hotel-and-condominium tower are now 75 percent sold. [NYDN]Mark Maurer