At District, where models frolic and Chipotle hopes to change the face of FiDi, there's another sign that the boom-time spirit that sent the building into total amenity overdrive hasn't quite disappeared. That's right: flippers! Two buyers whose District purchases closed in September and October are now trying to flip, according to StreetEasy. The buyers of apartment #324 (one of whom is a hula hoop performer!) are trying to sell it for $1.3 million after paying $1.065 million for it originally. The buyers of #624, which sold for $1.1875 million, are hoping to flip their apartment for $1.645 million.
Of course, since the first round of sales at District hasn't finished yet, the flippers will be competing with the shiny, empty apartments all around them. According to StreetEasy, there are around 40 units of the building's 163 still on the market. So far, apartments have been selling between 12 and 30 percent below their asking prices. On a per-square-foot basis, the flippers are asking rates consistent with building sales, $946/sf for #624 and $747/sf for #324.
Do these quick resale attempts mean FiDi's King o' Bling has lost its crown? Or is a luxury condo conversion that comes with models and hot tubs just not for everyone?
· 111 Fulton Street #324 [StreetEasy]
· 111 Fulton Street #624 [StreetEasy]
· Victoria's Secret Models Frolic in FiDi Penthouse [Curbed]
· District, King of FiDi Bling, Selling Below $1K A Square Foot [Curbed]