One of the most profitable examples of property flipping is about to take place in the “Billionaires’ Row” section of New York City.
The Wall Street Journal, sourcing its coverage from “two people familiar with the situation,” reported that a 64th floor condominium at 220 Central Park South is under contract to sell for $75 million in an off-market transaction. The unit, which covers 6,000 square feet and has four bedrooms, was acquired in 2020 by 220 CPS 64, a Delaware-based limited liability company, for $54 million – the company signed the contract for the property in 2015 but closed five years once construction on the Robert A.M. Stern Architects-designed complex was finished. The name of the buyer was not disclosed.
Property flipping is popular within 220 Central Park South. Real estate investor Ofer Yardeni sold his unit in the building earlier this year for $33.8 million, which was about 52% more than his 2019 purchase price. And lighting entrepreneur David Littman and his wife Constance Littman are reportedly under contract to sell their unit for nearly $80 million – they paid about $55.5 million in 2019 for the space.
Photo courtesy Robert A.M. Stern Architects
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