Subway extension helps investors flip prime NYC site for $167M

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Investors who purchased a property on Manhattan’s far West Side in 2011 for $43.5 million have flipped it to Boston real estate developer Frank McCourt for $167 million.

The surge in the property’s value was so dramatic that it was “unprecedented,” providing a rate of return that “could never have been higher,” Sherwood Equities CEO Jeffrey Katz told the Wall Street Journal.

McCourt will put up a 730,000-square-foot mixed-use tower on the site, which is in an area that’s being transformed by the extension of the subway west of Times Square. Source: