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 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.