JP Real Estate Group Acquires Mixed-Use Building in Lenox Hill for $23M

Ten years after being put up for sale, a residential and retail building on the Upper East Side has finally been sold. 

JP Real Estate Group acquired the five-story, 15-unit residential walkup at 1057-1059 Lexington Avenue in Lenox Hill from Rudd Realty Management for $23.6 million, property records made public Thursday show. 

Rudd bought the property, which is anchored by popular French restaurant Orsay, in 2014 for $24 million, and listed it for sale for $36 million in 2016, Commercial Observer reported at the time.

Orsay occupies 5,600 square feet of ground-floor retail space and sits below 14 rental units in the property. Apartments at the building on the corner of Lexington Avenue and East 75th Street currently rent for between $3,950 per month for a one-bedroom and $6,200 per month for a three-bedroom, according to StreetEasy.

Joshua Greenberg, from Green Street Group, signed the deal on behalf of Rudd, according to property records, while Michael Mulia from law firm Belkin Burden Goldman was the signatory for JP Real Estate. 

Mulia, Greenberg and a spokesperson for Rudd Realty did not immediately respond to requests for comment. JP Real Estate could not be reached for comment. 

Manhattan’s Lenox Hill neighborhood stretches from East 59th Street to East 77th Street on the Upper East Side, from Fifth Avenue to the East River. The neighborhood is largely home to luxury residential buildings, high-end fashion retailers, and attractions along Museum Mile. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.