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 .