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