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Artist makes $4.5M profit on Soho loft purchased for just $500K

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Abraham Lubelski has sold the Soho $500,000 loft that he purchased in 2003 for a profitable $5 million

Now that’s what you call an easy profit. Artist Abraham Lubelski has sold his 4,100-square-foot Soho loft for $5 million—he paid just $500,000 for it back in 2003, making a $4.5 million off of the sale, reports the Observer.

The sale likely isn’t as much as Lubelski was hoping for given that asking prices have bounced from as much as 7.4 million in 2011 to its most recent ask of $5.5 million back in January, but given that the residence needs lots of work, the sale isn’t half bad. The new owner will likely spend a lot more, as the listing advised to "bring your architect to overhaul and customize."

The full-floor raw space at 46 Mercer Street embodies the feel of a classic Soho loft while offering five bedrooms, four bathrooms, two galleries, two kitchens, a home office, 14-foot ceilings, and much more space for the new owner and their architect to have fun with as they redesign.