Flipping Manhattan Apartments

[Jason Mergl]

Has anyone had any recent experience flipping an apartment in Manhattan?  

If yes:

1) How did you find an apartment that was distressed and needed rehab work? Realtor, postcards, wholesaler, Streeteasy, Auctions...

2) What were some of the challenges that you ran into?  Permits, contractors, parking...

3) ROI? Can you give me numbers please?

4) Would you flip in Manhattan again or go elsewhere?

5) Anything else you could add

[Amit Kal]

Up until the early/middle of 2016, there was definitely a market for buying higher-end new construction condos at buildings with significant cachet (ie major architect) and flipping those when the development was complete. I'm talking about $5mm+ range, usually $15mm which could flip for a $5mm profit or more. That opportunity is gone now.

For more reasonably priced flips, your best bet would be to pick up estate sales in condo buildings where the units haven't been updated in 20-30 years. Especially in the Village (Greenwich and West). Where you can pick up for $1.5mm, put in $300k and then sell for $2.5mm. Above the $3mm price range, you will have tough time bc those properties will languish for some time since the market has gotten slower.