Zeckendorf may net $5M in seven-month flip

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William Zeckendorf and 927 Fifth Avenue

William Lie Zeckendorf could probably teach his legion of real estate brokers a thing or two about doing a deal. According to the New York Observer, the co-owner of Terra Holdings, parent company of Halstead Property and Brown Harris Stevens, flipped the top half of a 927 Fifth Avenue duplex for as much as $5 million profit in a matter of six months.

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Sources told the Observer that the five-bedroom spread sold for “well over” its $31.5 million asking price, and may have even brought in more than $34 million. Zeckendorf paid $29.1 million for the portion of Bruce Wasserstein’s old duplex in a one-day auction in December. BHS’ John Burger brokered the deal but wasn’t available for comment.

This sale came on the heels of the $40 million Zeckendorf netted last year selling the penthouse at his very own 15 Central Park West — a building that was wildly successful in its own right, grossing $2 billion — which he and his brother developed under their company Zeckendorf Realty. That sale, of course, set city records for price per square foot at $10,259. [NYO]

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Zeckendorf may net $5M in seven-month flip

alternate
text
William Zeckendorf and 927 Fifth Avenue

William Lie Zeckendorf could probably teach his legion of real estate brokers a thing or two about doing a deal. According to the New York Observer, the co-owner of Terra Holdings, parent company of Halstead Property and Brown Harris Stevens, flipped the top half of a 927 Fifth Avenue duplex for as much as $5 million profit in a matter of six months.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Sources told the Observer that the five-bedroom spread sold for “well over” its $31.5 million asking price, and may have even brought in more than $34 million. Zeckendorf paid $29.1 million for the portion of Bruce Wasserstein’s old duplex in a one-day auction in December. BHS’ John Burger brokered the deal but wasn’t available for comment.

This sale came on the heels of the $40 million Zeckendorf netted last year selling the penthouse at his very own 15 Central Park West — a building that was wildly successful in its own right, grossing $2 billion — which he and his brother developed under their company Zeckendorf Realty. That sale, of course, set city records for price per square foot at $10,259. [NYO]

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