A two-bedroom loft at 57 Park Terrace West in Inwood sold for $2 million on June 27, a rare seven-figure flip as summer sales cool across Manhattan. The sale, brokered by Compass’s Javier Padilla, marks one of the priciest co-op transactions above Dyckman Street this year.

Buyers are asking why a loft on this quiet, tree-lined street commanded a high-end price tag as the rest of Inwood’s market hit a summer lull. 57 Park Terrace West, a prewar Art Deco building, rarely sees sales above $1.5 million, but Unit 5A was gut-renovated in 2023 with a chef’s kitchen, 11-foot ceilings, and two custom terraces facing Isham Park. According to listing agent Javier Padilla, “We had three offers over ask within two weeks. People want space uptown, and this one delivered.”

The unit’s $2 million closing price is a sharp outlier in Inwood, where StreetEasy reported a June median of $575,000 for co-ops and $1.1 million for condos. In comparison, the last seven-figure Park Terrace West sale was in 2021, when a larger duplex at number 60 fetched $1.6 million. The seller, Brooklyn-based software engineer Maya Grossman, purchased the property last summer for $1.41 million and invested roughly $200,000 in upgrades, per Department of Buildings permits.

Grossman’s quick renovation and flip come as citywide residential volume fell 16% in June, according to Douglas Elliman. Some local agents credit the sale to unique finishes and rare outdoor space, not a return of pandemic-era bidding wars. “There’s always a buyer for something special,” said Inwood broker Ravi Patel of Living New York. “But this doesn’t mean the neighborhood’s suddenly in a boom. Most listings are sitting.”

Curious neighbors in the co-op said they hadn’t seen a crowd at open houses but noted the quiet closing on June 27. As the rest of Inwood watches the market cool, 57 Park Terrace West’s board just welcomed its newest—and priciest—owner to the block.

Frequently Asked Questions

How much did the loft at 57 Park Terrace West sell for?

The renovated two-bedroom unit at 57 Park Terrace West, Unit 5A, sold for $2 million on June 27, 2024. This is one of Inwood’s highest co-op sales of the year and represents a significant flip over the seller’s 2023 purchase price of $1.41 million.

Why did this sale stand out in Inwood’s current market?

The sale stands out because most Inwood co-ops trade well below $1 million, and summer sales volume has dropped. Upgrades like two terraces, luxury finishes, and location near Isham Park pushed demand for this specific unit, unlike most current listings.

Is Inwood becoming a luxury market?

No, real estate agents say this $2 million sale is an exception, not a trend. Most Inwood properties are selling slowly, with the neighborhood median still under $600K. High-end flips are rare but possible for unique, renovated units with outdoor space.

Frequently Asked Questions

How much did the loft at 57 Park Terrace West sell for?

The renovated two-bedroom unit at 57 Park Terrace West, Unit 5A, sold for $2 million on June 27, 2024.

How much did the seller pay for the loft before flipping it?

Seller Maya Grossman bought the unit in 2023 for $1.41 million before renovating and reselling it.

What renovations were done to 57 Park Terrace West, Unit 5A?

The seller invested about $200,000 in renovations, including a chef’s kitchen, 11-foot ceilings, and two custom terraces.

Why is this sale considered unusual in Inwood?

Most Inwood co-ops sell for far less, with a June 2024 median price of $575,000, making this $2 million sale a significant outlier.

Does this sale mean Inwood is becoming a luxury market?

No, agents say this was a unique case due to the unit’s features, and most listings in Inwood are still sitting unsold.

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