Tax treatment of short-term condo flip?

I may have the opportunity to buy a Manhattan condo at a below market price. While I remain fundamentally bearish on local real estate, it may be an attractive deal if the discount is significant enough after incorporating all costs. While I understand the fees, flip tax, opportunity cost etc I have to consider, I do not have a good understanding of the tax treatment (federal, state, city) of a condo held for e.g. 4 months. A Google search suggests that combined state and city taxes would amount to a full 25% of the gain while the standard federal short-term capital gain tax rate applies (equivalent to ordinary income tax rate). If the latter is 35%, this would result in a tax on the gain of 60%. Is this correct? Thanks for your input.