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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.

 

http://www.dailymail.co.uk/news/article-2255781/David-Edelstein-house-Developer-makes-9-5m-NYC-apartment-doubles-price-just-years.html

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