Not All Home Flips are a Flop

A father and son investment team from Scottsdale, Arizona have flipped a unit at 15 Central Park West with amazing results.

By: Mark Kratzwold

While in recent months the housing sector has continued to slow, that slowdown has yet to be felt in a meaningful way in the high-income sector. The super-apartments of the super-wealthy have shown almost no signs of a downward trend. As a matter of fact, the market is solid enough to support a good, old fashioned flip.

We're not talking about a normal flip, where the owner wants to make a few thousand dollars, then get out. The flip that we're looking at is that of Steven and David Bandawat of Scottsdale, Arizona. The father and son investment team bought the which measures nearly 2,500 square feet and is located on the 26^th floor of the heavily sought after 15 Central Park West, for less than $6 million.

Recently, they sold that same apartment, without ever having spent a night there, for $11.85 million. The total price per square foot, over $5000. Then flipped it for more than twice what they paid for it. "It's exciting to see New York real estate doing so well compared with the rest of the counrty," said David Bandawat. The father and son team had planned on using the apartment for themselves and their family, but as real estate values rose they couldn't resist the potential profit to be made from the sale. The property was purchased by the FinTech Corporation.