VW Buys Upper West Side Co-op for $577K from Audi Employee, Flips it For Loss
Volkswagon bought an Upper West Side co-op apartment 170 West 89th Street from Loren Angelo (an Audi employee) and Denise Angelo, paying $577,500, then immediately flipped it for a $47,500 loss to Matthew Kupferberg and Yasmeen Siddiqui who paid $530,000, according to public records.
That’s a sharp 31% drop from the original $769,000 list price that the Angelos tried to get when they placed the co-op on the market in May 2008. They lived in the apartment for more 6½ years, buying the cooperative in the spring of 2002.
Loren works as the Department Manager for Brand Marketing at Audi (a subsidiary of Volkswagon), so the purchase and immediate resale appears to be part of a relocation package for Loren Angelo to the Audi of America headquarters in Herndon, Virginia. According to records from the Loudon County Assessor’s Office in Virginia reported in January 2009, the Angelos paid $457,000 for a home in the area.
The co-op apartment is a tiny 800 sq. ft., 2 bedroom, 1 bath co-op apartment, that could be converted to a 3 bedroom. The monthly maintenance was listed at $964.
It is located in a 5-floor cooperative building with 41 apartments on West 89th Street between Amsterdam and Columbus. The building is located right next to PS 166, the Richard Rodgers School of the Arts and Technology, serving pre-K through 5th graders.
Corcoran agent James Coleman Hayes had the original listing for the unit. Given the length of time that the apartment was on the market, the corresponding flip and loss, and the co-op listing’s incredible downward spiral, it is unclear whether Hayes actually brokered this deal to actually earn his commission.