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Although the homes have resold quickly to more-affluent buyers, Mr. Phillips remains fervently committed to his vision of building for low-income people.
At issue were nine city-owned properties Ms. Riley bought through the program, for which she paid a total of $46,000 and resold quickly for a profit of more than $600,000.
Lawyers in the attorney general's office said the Helpline acquisitions, as outlined in the complaint, technically did not fit the pattern found elsewhere in New York, where properties were bought by private real estate companies and then resold quickly for a much higher price, a practice known as flipping.
Peek inside a professional carding shop Bruce Krebs | Krebs On Security | 4 June 2014 "Over the past year, I've spent a great deal of time trolling a variety of underground stores that sell 'dumps' – street slang for stolen credit card data that buyers can use to counterfeit new cards and go shopping in big-box stores for high-dollar merchandise that can be resold quickly for cash.
Similar(56)
But after much frustration, they learned that the building had been sold to a real estate company and then resold very quickly at a much higher price to Beulah Church of God in Brooklyn.
Some of the houses were quickly resold at great profit.
Cards can be bought and quickly resold, or held indefinitely.
Loews quickly resold the Roosevelt to Paul Milstein, a developer, for less than $30 million.
Emilia is also adamant that their work should not be tainted by dirty money or quickly resold by investors seeking instant gains.
All of the properties were "flipped" -- that is, sold at one price and then quickly resold for a much higher price, sometimes on the same day.
As such investors have acquired nursing homes, they have often reduced costs, increased profits and quickly resold facilities for significant gains.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com