By Kim Velsey 1/01 1:00pm

Stratospheric Sales

One of the last deals of 2012.

Rich Developer David Edelstein Gets Even Richer, Makes $9.45 M. Profit on Townhouse Sale

It’s a happy New Year for developer David Edelstein and wife Sarah. The couple made a mint on the sale of their townhouse at 122 East 70th Street, nearly doubling their money in just two short years.

The Edelsteins, whose bargain basement buy of the house for $12 million in 2010 shocked the other residents on what some call the loveliest block in all of New York, have sold the five-story manse for $21.45 million, The New York Times reports. Prudential Douglas Elliman brokers Michael Kafka and Theresa Thompson deserve a hand. Read More

By Kim Velsey 6/04/12 9:01am

Manhattan Transfers

7 Photos

Double your money in just two years!

Upper East Side Townhouse Tries For Twice The Price

After the recent buying spree that’s been sweeping the city’s finest properties of late, the owners of 122 East 70th Street are apparently hoping to get lucky . Very, very lucky.

David and Sarah Edelstein (alas, this is not film critic David Edelstein, although excuse us for a moment while we fantasize about journalists living in $20 million townhouses) are asking a rather brazen $24.2 million for their elevatored townhouse, which they bought for just $12 million in 2010.Where do they think they live? 15 CPW?

Who knows? With the way properties have been selling lately, the Edelsteins may just get it. Still, it’s unclear what exactly justifies the big price jump. Maybe they Edelsteins are just trying to keep the neighbors happy? After all, the former owners outraged the block’s snooty denizens in 2010 when they dropped the $20 million ask to $14.9 million before finally handing it off to the Edelsteins for a mere $12 million. Read More