This week we’re excited to share an amazing success story with you. We met Christina and Eric Kim several months ago through Blooming Sky. They are the creative visionaries behind the Kim Atelier. This power couple is all in when it comes to investing in real estate, and we are pleased to bring you the details of their first flip.
Two years ago they both purchased a beautiful triplex in a professionally managed co-op on the Upper East Side on the corner of 87th Street and 3rd Avenue. While co-ops don’t traditionally reveal their square footage, their triplex totaled approximately 350 square feet. When was the last time you saw square footage like that spread across three individual levels? Needless to say, the space was unique. It even had a private deck on the third floor.
The exact location of their purchase at the time was completely up and coming. While the UES has been a traditionally established neighborhood over many decades, the hot spots continue to push further north. Next in line for this revitalization was the corner of 87th Street and 3rd Avenue. At the time of purchase, the construction of a new Whole Foods Market was in full swing at this location. With quick access to the 4/5/6 subway lines, restaurants and top end markets, there was no doubt that this was a fantastic investment decision.
With a purchase price of approximately $210,000, this property benefited both from the trajectory of that specific block, but also from the hard work that Christina and Eric put into the apartment. While the initial product was move in ready, it is the finished product that was truly inspiring. They did all the architectural and design work for their beautiful renovation, as well as much of the construction labor.
Here are some images of their apartment:
Deciding it was time to cash out on their timely investment, Eric and Christina contacted Blooming Sky, which connected them to brokerage services to list their apartment. They were able to sell the property for $450,000, two years after their initial purchase, having lived well in addition to making a record breaking return on the sale.
So what is the next project for Eric and Christina? Stay tuned for a gut renovation in Harlem.
Your primary residence can often be your biggest investment. Are you looking for both a home and a great return in the future? Blooming Sky connects you to brokers who can find these types of properties, whether you already own and are looking for a new opportunity or are just getting stared with the house hunting process.