Not every resale at the Plaza winds up losing money. Some break even! If we were a little puzzled by casino and resort mogul Steve Wynn's purchase of the Plaza's troubled PH2001 in July, we're even more confused now. The Journal reports that Wynn has flipped the apartment for $24.4 million to a buyer who lost to Wynn during the summer's bidding war. Wynn got about $1 million more than he paid for it, but once taxes and commissions are accounted for, he probably only broke even. He still did better?or at least walked away with less of a headache?than the apartment's previous owner, a hedge funder who sued Plaza developer El-Ad Properties for breach of contract and the return of his deposit. Does the flip mean Wynn's ex-wife isn't getting the 817 Fifth apartment after all?
· Wynn Cashes In on Plaza Apartment [WSJ]
· Rejected Plaza Penthouse Finds Happiness With Casino Mogul [Curbed]