Uptown Hot Potato: Four Quick Flips in a Few Short Months

That parking lot at the corner of Richmond and Post Oak, where the Steak & Ale and Mason Jar used to be? Very popular:

In 2007, Houston-based Hines Interests LP sold 9.4 acres to Rich Oak Properties LLC, an affiliate of Boymelgreen Developers LLC of New York. Sources put the purchase price at $86 per square foot, or roughly $33 million . . .

Rich Oak ultimately opted out of building on the site and chose to sell the entire 9.4 acres.

On Dec. 21, 2007, the land was acquired by Lasco/Hicks Ventures Ltd. Sources estimate the purchase price was $140 per square foot, or roughly $57 million.

A $24 million profit? Not bad for a few months’ work. And they said the days of the Houston land flip were over!

On the same day, Lasco/Hicks flipped six acres to Elegant Development Group Inc. The buyer is affiliated with Elegant Development and Investment Inc., a Houston-based construction services company that does commercial and residential work . . .

Less than two weeks later, Elegant Development flipped the six acres to Deyaar Development.

Deyaar Development is based in Dubai, and likes tall towers.