NONPROFIT SELLS MIDTOWN PROPERTIES TO MOIN,
JOHN K. RAPP FOR $18M
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, soruces 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 55 th and East 56 th 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 11 th Street to Icon Realty Management.
212.537.9239
|
600 THIRD AVE, 15TH FL, NEW YORK, NEW YORK 10016
|
SKYLINEPRP.COM