Isaac Fhima Flips Co-op for $1.7M After Paying <$1M Year Earlier
Contractor Isaac Fhima sold his 3 bedroom, 3 bathroom co-op apartment at 233 East 69th Street to physician Jan Boublik and Pfizer Director Jennifer Whiteley for $1.7 million.
Without disccounting renovation costs and broker’s fees, that’s approximately a 71% return on his investment. That’s a Not a bad return, considering that Fhima paid $995,000 for the cooperative on April 1, 2009, just 16 months ago, a much better return than either the Dow Jones Index (35.7%) or NASDAQ Composite (48%) during the same time period.
When he bought the apartment for just under $1 million, Fhima cleverly avoided paying New York’s dreaded mansion tax on buyers of co-op and condo apartments selling for $1 million or more.
Jan Boublik is a German-educated anasthesiologist who completed his residency at Brigham and Women’s Hospital in Boston.
The sale price was 11.5% less than the original list price of $1,895,000 when Fhima put the apartment back on the market in October 2009, only six months after he bought it.
The apartment has lots of high-end appliances kitchen has high end appliances including a SubZero refrigerator and Viking appliances.
The co-op is pet friendly.
A bonus: for $1.7 million, it appears that you get a legal washer and dryer in the unit, if the floor plan does not contradict provisions in the co-op’s proprietary lease and House Rules.