DEVELOPMENT TO BUY SUTTON PLACE RENTALS FOR $19M
David Moinian, CEO of Moin Development Corp, is in
contract to acquirea four-story building with 50,000
buildable square feet in the Midtown thoroughfare of
Sutton Place for $19 million, The Real Deal has learned.
The walk-up rental property at 1055-1057 Second
Avenue, near East 56th Street, holds a total of 24
apartments, some of them rent-stabilized. The ground-floor retail component includes Skyscraper
Cleaners, Vera’s Shoe Repair and Fossner Timepieces. The deal would come with 38,000 square feet of
air rights A Chinese nonprofit family trust known as the J. T. Tai & Company Foundation has owned the
site since 1969, property records show.
Skyline Properties head Robert Khodadadian, who represented Moin, confirmed the property is in
contract and set to close within three months. The per-square-foot closing price is slated to be $380.
Moinian told The Real Deal he is considering engaging in a joint venture or flipping the property. He
said he is hoping to team up with other developers on the block and combine space for a large
condominium building. The hypothetical construction of such a project would not involve the demolition
of 1055-1057 Second Avenue, Moinian said.
Last year, Moinian partnered with hotel mogul Sam Nazarian to buy apet hospital at 37 East 30th Street,
next to their 444 Park Avenue South hotel conversion project, as previously reported.
Khodadadian recently served as the broker on Acadia Realty Trust’s in-contract purchase of a Soho
retail co-op on 131 Prince Street and Sam Chang’s sale of the Whitehouse Hotel and Hostel in the East
Village.
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