A look at downtown’s most profitable flips

Clockwise from left: 20 Greene Street, 222 West 14th Street, 241 Fifth Avenue and 114 Greene Street

Clockwise from left: 20 Greene Street, 222 West 14th Street, 241 Fifth Avenue and 114 Greene Street

The residential market in downtown Manhattan is hot, and with prices soaring ever higher, home flips are up. There were roughly 58 apartment flips – defined as changing hands twice within a three-year period – downtown over the last three years, according to City Realty data sited by 6sqft.com. And here is a look at some of the biggest moneymakers.

20 Greene Street 

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In May, the Winklevoss twins, best known for scoring a $300 million settlement against Facebook, dropped $14.5 million on apartment 6A at 20 Greene Street in Soho. For seller, Justin Ehrlich, that represents a 51 percent profit.  Just one year before, in April 2013, the developer purchased the unit for just $9.6 million.

222 West 14th Street

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The Sequoia, located at 222 West 14th Street, was one of the first luxury buildings in the Meatpacking District.  And in January 2012, a Long Island businessman picked up apartment 10E for $1.2 million.  The 1,105-square-foot unit sold this year for $1.875 million to a Chicago-based buyer, for a 56.3 percent profit.

241 Fifth Avenue

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Okay, this one isn’t really “downtown,” but that didn’t stop it from flipping to the tune of a hefty profit. Built in 2013, the 20-story NoMad building’s unit 16B was sold to a New Jersey-based buyer for $2.18 million. That was in October. By January, the apartment had sold again to an Italian businessman for $2.65 million — a 21 percent profit.

114 Greene Street

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This 4,500-square-foot Soho apartment was purchased by a Nyack, NY-based buyer in October 2012 for $8.9 million.  Just 17 months later, the unit had flipped for 55.1 percent return when a Chicago-based buyer nabbed it for $13.8 million. [6sqft]Christopher Cameron

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