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The Flip Lives

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Hutch Realty Partners, a mob-connected real estate company, has flipped 10 acres of vacant land in the East Bronx to the city for a significant profit. The city will pay Hutch -- whose part-owners, Michael Contillo and Joseph Deglomini, were indicted for racketeering in the '90s -- $46 million for the land. Hutch bought part of that land for $3.5 million in 2001 and the rest for $2 million in 2005. Hutch managing owner Joseph Simone demanded $90 million from the city at first but settled for $45.8 million. The site will be home to a backup center for 911 operators. [NYDN]