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Seventeen Million Dollar Mansion Flipped in Four Months for $35 Million

Phil Hall
Nov 18, 2014

In one of the fastest and priciest turnovers in property-flipping history, a historic New York City townhouse, The Arthur Sachs House, that was purchased for $17 million in July is now back on the market for $35 million.

The property, located at 58 East 66th, was built in 1908 for Arthur Sachs of the investment firm Goldman Sachs. The townhouse occupies approximately 9,600-square feet over five floors—a “full height basement” and roof garden are included, according to its listing—and it gained notoriety as the home of artist Andy Warhol from 1974-1987. It was designated as a city landmark in 1998.

According to its listing by real estate brokers Brown Harris Stevens, potential buyers have one of two options to pursue: A “white-box delivery option” of the “presently gutted” property, which can be ready for customizations immediately, or a “turn-key residence” that will be completed by the end of the first quarter.

The online real estate journal Curbed stated that the property was purchased in July by an entity known only as “Wb58e66a LLC.” No explanation has been given regarding why the property is back up for sale, nor is it clear why the asking price has been increased so dramatically without any renovations to the interior of the property.

Nov 18, 2014