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In our inaugural edition of Flip or Flop, BrickUnderground raised an eyebrow in the direction of a Lenox Hill co-op that hit the market for $1.675 million—a whopping 75% more than the owners paid for it just 14 months earlier.
After less than a month on the market, it appears this Miami-based couple has recalibrated and dropped the asking price by $125,000, to $1.55 million.
When we last checked in on this two-bedroom in the Trump Plaza at 167 East 61st Street, Michael Vargas, co-founder of Vanderbilt Appraisal, noted two possible hurdles the owners would face in getting their asking price.
The first was that the Trump Plaza is a land-lease building, which means monthly maintenance fees are higher than in buildings that own (rather than lease) the land they sit on. The second was that two other Trump Plaza two-bedrooms with the same layout were on the market for significantly less. One of those units, asking $995,000, has since gone into contract; the other is still on the market for $1.175 million. Looks like there may still be room to cut the price again on this one.
For a full breakdown, see Flip or Flop: Did renovations really up this co-op's value by 75%?.
Listing broker Bindya Melwani of the Corcoran Group did not immediately respond to an email requesting comment.
Flip or Flop takes a look at apartments on the market for significantly more than their last sale price and provides an opinion on the increase.