Manhattan: The Art of the Flip

Upper West Side
Manhattan’s Upper West Side

The 1980s was the era of junk bonds and Michael Milken. The 90s saw the bubble and made investors learn phrases like “e-commerce“. This decade has been the decade of real estate and in particular real estate speculation.

Like the previous two speculatory crazes, the real estate frenzy in the USA has ended and has fallen with a big thud. And like the previous bubbles some individuals have made out quite well in this latest one. New York Magazine takes a look at the 6 Most Impressive Flips in Manhattan. Here’s one of them:

15 Central Park West
How can a list like this not include this megaflip haven? To wit: This spring, a venture capitalist paid $13.8 million for a unit the seller bought just two months previous for $6.9 million, according to trade publication the Real Deal; a 29th-floor apartment — picked up for $7.3 million — went for nearly $14 million; and a cable mogul who bought his 36th-floor spread for $7.34 million is now on contract for somewhere near its $12.5 million price tag.

read the rest of the article here

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