That’s a good return! Developer makes $9.5m on NYC apartment after it DOUBLES its price in just two years
- David Edelstein and his wife Sarah have sold their Manhattan townhouse for $21.45 million after paying just $12 million for it in 2010
- Property has four terraces and six fireplaces
- Bought it for a bargain basement price as it had been on the market a year
One New York couple have a lot to celebrate this New Year.
Developer David Edelstein and his wife Sarah have sold their Manhattan townhouse for $21.45 million – nearly twice what they paid for it just two years ago.
The Edelsteins shocked Upper East Side residents when they snapped up the luxury five-story mansion at 122 East 70th Street for the bargain basement price of $12 million in 2010.
Mr Edelstein offered the previous owners the measly sum when they dropped the asking price from $20.2 million to the absurdly low $14.9 million.
And they accepted. Though it wasn’t like Mr Edelstein was short of cash, being the president of Tristar Capital and the developer of the W South Beach Hotel in Miami Beach, where he also owns a penthouse condominium.
The listing describes the townhouse as ‘perfect for private use or lavish entertaining,’ according to The New York Times.
The house comes with an elevator, a garden, four terraces and six wood-burning fireplaces.
The ground floor has a large kitchen and a family room, while the parlor floor has a 30-foot living room that opens onto a terrace, a second kitchen and a large dining room with floor-to-ceiling windows.