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Why would a development group buy a condo?

Started by JennieB6
over 14 years ago
Posts: 7
Member since: Apr 2012
Discussion about
After some more research about one of the apartments at 215E80th, it appears that the apartment above was a sponsor unit recently purchased by The Alexico Group. Does this raise any red flags for anyone? Is it common for a development group to purchase a condo in order to renovate it, and then sell it? Or would they be using it for a rental? (I assume they've only purchased one apartment in the building.)
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