Nonprofit Sells Midtown Properties to Moin, John K. Rapp for $18M
Lauren Elkies Schram Feb. 11, 2015, 2:45 p.m.
Two affiliated entities, Tai Properties and a Chinese nonprofit foundation, J.T. Tai & Company, have sold two 25-foot, multi-family properties in East Midtown to David Moinian‘s Moin Development and John K. Rapp of Junction Management for $18 million, sources with intimate knowledge of the deal told Commercial Observer.
The sale of the adjacent four-story walk-ups at 1055-1057 Second Avenue between East 55th and East 56th Streets closed last Wednesday. There are a total of 24 apartments and four commercial spaces in the two buildings; 1055 Second Avenue is 6,645 square feet and 1057 is 6,700 feet. Market-rate residential units rent for as much as $1,700 per month. The four retail tenants are Vera’s Shoe Repair, Skyscraper Cleaners, J & P Timepieces and Naya restaurant.
Joanna Cutler of Joanna Cutler Real Estate represented the sellers in the deal and Skyline Properties‘ Robert Khodadadian represented the buyers. Ms. Cutler and Mr. Khodadadian declined to comment.
Mr. Rapp also owns the adjacent 1059 and 1061 Second Avenue, and is operating them as walk-up multifamily properties. All told, Mr. Rapp owns 100 contiguous feet on Second Avenue.
J.T. Tai & Company appears to be shedding its real estate assets. Last month, it sold three adjacent walk-up buildings in Murray Hill for $24.1 million, as CO previously reported. Prior it sold 928 Second Avenue to Lloyd Goldman‘s BLDG Management and 56 West 11th Street to Icon Realty Management.