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Investors Aim for $12M Profit on House Purchased Last Month

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Earlier this week, a townhouse in Bed-Stuy pulled off one of the most ambitious flips in recent memory. Now, a Sutton Place townhouse is trying to do the same thing, but the numbers on this one are even crazier. Jason Silverstein and David Shorenstein of Silvershore Properties and real estate investor Norman P. Rappaport bought this 3,919-square-foot mansion for $7.8 million, with the sale closing last month, and have immediately turned around and put it back on the market for $19.95 million, over $5,000 per square foot. To be fair, the place is pretty incredible, with an elevator, lavish original details, and an expansive garden shared with the surrounding townhouses.

· Sutton Place Townhouse to List for $19.95 Million [WSJ]
· 13 Sutton Place [Brown Harris Stevens]