The Flip Potential of
61 Sullivan St New York, NY is low.

This SoHo multi-family is a fully renovated 5-unit building with 5,500 sqft, 5 beds, and 6 baths, listed at $9.5M. The property’s condition is turnkey, and comps in the area (similar bed/bath/sqft) average around $9.6M–$9.8M, with median price per sqft about $1.4K—well below this building’s $1.7K/ft. SoHo is a highly desirable, low-inventory market, but the premium list price and recent renovations leave little room for a classic flip profit.

For investors, this isn’t your typical ‘fix-and-flip’—the building’s been gutted and upgraded, so there’s not much value left to add. If you’re the current owner, focus on highlighting the modern finishes, flexible layouts, and expansion potential (like the FAR and commercial conversion for floor 1) to maximize buyer appeal. If you’re looking for upside, repositioning for higher rents or long-term hold with future development may yield better returns than a quick resale.