East New York leads the house flipping pack: report

Some investors saw profits of up to 300 percent

TRD NEW YORK /
Apr.April 22, 2016 11:12 AM

East New York is king of house flips for 2015, according to a new study.

The Center for NYC Neighborhoods report analyzed those buying and selling a property at a higher price within a 12-month period. The center found that 94 properties in East New York had been flipped — the most in the city.

In 2014, a building on Blake Avenue first sold for $145,183, but was then flipped for 268 percent profit a year later for $534,000, DNAinfo reported.

The report, which was released this week, found that some investors saw profits of up to 300 percent on flipping one-to-four unit buildings from 2003 to 2015, DNAinfo reported. The study said flipping has been concentrated in central Brooklyn and southwest Queens. After East New York, 91 properties in South Jamaica were flipped and then 81 in St. Albans, according to the report.

The analysis excluded condominium and co-op sales.

The City Council overwhelmingly passed the contentious rezoning plan for East New York on Wednesday. [DNAinfo]Dusica Sue Malesevic


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