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$24.5M Tribeca Townhouse Proving a Sound Investment

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This four-story Tribeca townhouse was purchased by a developer in 1998 for $499,000 and flipped to a real estate investment group for $1,500,000 the following year. Then, in 2003, an insurance executive and his wife bought the place for $5,650,000 and began a gut-renovation, introducing such necessities as a 3,000-bottle wine cellar, a one-car garage, a media room, a wood-burning fireplace, etc, etc. Target was so taken with the house that they used at as a set for commercials. And now, after lying in wait for nine years, the house has returned to market with an ask of $24,500,000. Regardless of what it eventually sells for, it's a pretty safe bet that Mr. and Mrs. Insurance Executive are going to be walking away with what's known in the business world as "a profit."


· Listing: 452 Greenwich Street [Sotheby's]