Beresford Owner Flips Co-op For $3.9M After Less Than A Year For Huge Profit

Talk about the time value of money! Former United HealthCare CEO R. Channing Wheeler bought a 9th floor co-op apartment in the Beresford in June 2007 for $3,525,000. Today he sold it for $3,900,000.

That $575,000 increase means that he increased his equity in the cooperative by $15,972 for every week he owned the apartment. That’s a 10.6% return on his investment in just 36 weeks!

While that’s certainly a terrific rate of return, this is not a typical co-op sale.

Carol E. Levy, Wheeler’s neighbor at the Beresford, had the exclusive listing for the apartment. While it was listed for $4 million, the sales price was $100k less than the ask.

Maybe it’s due to the sharp legal and negotiating skills of new owners Leonard H. Hecht, 43, and his wife Joanie. Hecht is a 1988 Brooklyn Law School graduate who works at his father’s law firm, Thomas T. Hecht, P.C.

Last fall Tony Randall’s wife sold the Beresford co-op that she, her late husband, and their children enjoyed, getting $17.85 million from the buyer, Citibank CEO Vikram Pandit.