Morgan Stanley Bigwig Can't Stop Flipping

Holy flippin' real estate deal! Who says the age of the big-time property flip is over?

Certainly not Guy Metcalfe, co-head of Morgan Stanley's real estate investment banking group. (And he would know, wouldn't he?)

Metcalfe and his wife, Lisa, just laid down $6.125 million for a 3,100-square-foot co-op apartment at 90 Riverside Drive on Manhattan's Upper West Side in New York. The apartment had only been on the market for three weeks and the purchase price was $130,000 over asking. As gossip columnist Cindy Adams likes to say, "Only in New York, kids, only in New York."

But seriously, folks: Metcalfe clearly knows a deal when he sees one. It was only last May that the couple sold their 3,822-square-foot condominium at 15 Central Park West for $11 million. They purchased that property less than a year earlier for $9.35 million.

And the move to 15 CPW came only months after the Metcalfes sold their co-op in The Park Royal at 23 West 73rd Street for $3.9 million in April 2008. What's going on here?