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First One57 Flip Nets $3.5 Million Five Months After Sale

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The first of the glass-walled money pits in luxury condo tower One57 to be resold just netted its original buyer a $3.45 million profit a mere five months after he/she/they purchased it, the Daily News reports. Investor Sso Enterprises paid $30.55 million for the 58th-floor three-bedroom back in May and just flipped it to hedge fund manager Harvey Sandler, who paid $34 million.

Other units in the building have been listed for resale previously, including a one-bedroom on the 39th floor and a 62nd-floor three-bedroom, and at one time it looked like we were going to see a whole spate of these things, a la 15 Central Park West. However, as of late, sales have slowed in the building as One57 now faces competition from other superluxury towers catering to the types of people who want to pay tens of millions of dollars to live in Midtown.

· Investor flips first unit at exclusive 57th St. tower to make $3.5M profit in five months [NYDN]
· Listing: 157 West 57th Street #58A [Corcoran]
· One57 coverage [Curbed]

One57

157 West 57th Street, Manhattan, NY 10019 Visit Website