Isaac Fhima Flips Co-op for $1.7M; Paying
NY coops and cooperative apartment sales: prices, buyers, sellers, details, and deals
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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.

Halstead agents Charles Glatter and Therese Corriente had the exclusive for Fhima.

Glatter may have gotten the listing by knowing Fhima through the Manhattan Sephardic Congregation where both are members.  Fhima is also on the synagogue’s Board of Directors.

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.

Tragically, the co-op’s kitchen appears to have beeen remodeled using Wenge and Zebra woods, threatened species of hardwoods in their native West African habitats, according to Rain Forest Relief.

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.

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