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Home flipping better in East New York than in city, report says

Quick selling craze affecting home affordability, says Center for NYC Neighborhoods
  • Because of the neighborhood’s high foreclosure rate and lagging rebound from the recession, East New York has become a hotspot for quick flips.
  • Overall, Brooklyn presented the largest gross returns from flipping of New York City boroughs, which created quickly rising property values.
  • East New York will be the first neighborhood to undergo rezoning laws under Mayor Bill de Blasio’s $41 billion affordable housing plan.
  • The Center found that in 2015, flipped properties in NYC produced a median resale profit of $215,000, or a 75 percent gross return.

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East New York was named the top neighborhood in the Big Apple for home flippers in a report released this week by the Center for NYC Neighborhoods, a nonprofit with a goal to maintain affordable housing. In 2015, 94 homes were sold in East New York with a 105 percent median gross return, according to the report. Because of the neighborhood’s high foreclosure rate and lagging rebound from the recession, East New York has become a hot spot for quick flips. The median resale profit in East New York last year was $272,308, the report says -- one of the highest neighborhoods in the city. Overall, Brooklyn presented the largest gross returns from flipping of New York City neighborhoods, which created quickly rising property values. Cypress Hills had the highest return last year at 125 percent return on 32 home flips, followed by Flatbush-East with 117 percent return on 36 home flips. Bushwick was third with 106 percent return on 58 home flips. South Jamaica-Baisley Park featur...