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You can't go wrong with Manhattan Real Estate! LOL!
"Throughout his career as a developer, David Edelstein has had a knack for buying low and selling high, and he has done it again with the Upper East Side town house that he owned with his wife, Susan, at 122 East 70th Street. The five-story brick and limestone house, which they bought for $12.85 million in 2010, sold for $21.45 million, making it the biggest sale of the week, according to city records."
brooks2 says all Manhattan real estate should be $500 psf. This is clearly a typo.
Here the townhouse
Damn, I knew I should have bought a few of these...
I just hate it when people don't pay attention to details in their houses
The takeaway is that David Edelstein greatly regrets not putting his $12 million into Sprint options at the right time ("buy low") and then selling them in FEWER than two years for a much much greater profit.
Particularly because he wouldn't have had to vacuum five levels of floors for two years, then clean all the baseboard mouldings at move-out, for Sprint options.
David Edelstein will die a sad and broken man, another victim of the shameless real estate industry.
122 East 70th seems to be a prime example of an expensive, taste-specific renovation limiting resale potential. The Rubins (with Botero's help) converted the house into a showplace for their Tibetan art collection. Their taste and their cultural affinities slapped every potential buyer in the face.
Compare the photos in falcogold1's link to the 2012 Elliman listing for the Edelsteins' resale: in eighteen months, the house has been rendered completely neutral. In some rooms, the changes are simple, e.g. turning this:
http://www.botero.com/sites/default/files/styles/medium/public/sba_large/Towhouse E70 (9).jpg
http://www.botero.com/sites/default/files/styles/medium/public/sba_large/Towhouse E70 (8).jpg
Some of the work, however, must have taken a more substantial bite from the Edelsteins' vaunted profits. Consider the kitchen and baths. Even if you're a developer with preferential access to tradespeople and materials, There's no cheap path in Manhattan from this:
http://www.botero.com/sites/default/files/styles/medium/public/sba_large/Towhouse E70 (12).jpg
Timing was obviously a factor too. When the Edelsteins negotiated their purchase in mid-2010, the S&P was slightly above 1000 and high-end buyers and sellers were still recovering from the trauma of 2008-2009. The 2012 resale was negotiated with the S&P close to 1500.
From a comparison of the floorplans, it appears that the kitchen was not only expanded, but relocated, with the old kitchen converted to a mud room. That's a major project. It's not as though the Edelsteins painlessly flipped the house for an $8.5MM profit.
A few single-family TH renos/conversions in this time frame with same-ish profit margins.
317W77, 45W84 made 100 % before cost of renovations. Mis-price or get the renovations wrong, and make less $ - 116W71, 238W74. The latter 2 jobs took more than 2 years. Not easy to do large scale renos in under 18 months even w/o a co-op board breathing down your neck.
WEst81 there is no cheap path; but when you are in the business the path is "cheaper." and "quicker." I would say that Mr Edelstein has some friends in construction who would flip a job like this at cost or below hoping to stay in his favor.
Friends and I bandied about fipping foreclosures when the market tanked. You just can't do it as quickly or cheaply as the guys in the business (who also get first crack at it)
According to work permit data, looks like they did substancial work including installation of HVAC and ducting.
And there is still an open elevator violation.
But Im sure a few million went easily into the pocket.
What is the story with the beautiful townhouse on beekman place at 52nd listed for 48 million? I've been a renter in the neighborhood admiring it for 2 years assuming that an owner was doing custom reno. To see the scaffolding finally removed and then see it listed left me scratching my head. That is some high end flipping. Will it sell for anything close to asking? Who is behind the project? I am sure this info is on ACRIS, but more fun and easier to ask you all.
Hmmm - maybe HB and AH ARE one and the same.
Both are awesome. The question is which one is more awesome.
wrong set of choices.
I don't think racist is right; one of my dogs is not well socialized and people frequently use that exact phrase with her.
Enough of that - can anyone answer question re townhouse on beekman place at 52nd?
I care but I don't have the answer. Anybody . . . ?
You mean 50th St., i.e. 21 Beekman Place?
Here's a fun story involving a spite wall, dog feces, and a 5-gallon drum of tar to get you started.
Yes - 21 beekman at 50th; thanks for correction. What is the story? It had scaffolding for almost 2 years; as soon as it was unveiled, it was listed at 48 million! Who does that?
Nada - is there a link for the story you reference?
Google Peter Novello, the guy who bought it in 2008. He died in October, so may've been sick when he listed it in September. There's an Observer story about the previous owner and his spite fence.
Woops, my bad. Here's the link:
now the ask is over 4X purchase price for 2009
Damn, he made $10 mil in 2 years just for apartment sitting. Real estate. The only path to insane wealth outside of hedge funds and starting Facebook or Microsoft.
dealboy you must be rich!
NWT/Nada - Thanks for info. I knew you guys would know. I did Google Peter Novello (heartbreaking death in and of itself; even more so b/c I think he is survived by school-age children) and found this article with photos of the spectacular residence. http://observer.com/2012/09/ellen-biddle-shipman-mansion/