NYC – Skyline Properties has been involved in several successful real estate deals throughout the past year, including the sale of a Sutton Place rental property. The buyer, David Moinian, is the CEO of the Moin Development Corporation, which paid $19 million for the building. The property features four floors and comes complete with 50,000 square feet of buildable space.
Currently, the building has 24 apartments along with several retail stores on the ground floor. Several of these apartments are rent-stabilized. The building features walk-up rentals and is located on 1055-1057 Second Avenue. The previous owner of the building, the J. T. Tai & Company Foundation, is a Chinese nonprofit. They have owned the building since 1969.
As for Moinian’s plans, in an interview with The Real Deal he said that he plans on flipping the property. Ideally, he says he would work with other developers in the area to combine the space with other properties, creating a larger building. Just last year, Moinian did something similar when he worked with Sam Nazarian to buy a pet hospital near their one of their hotel projects.
This was just one of the many brokerage deals that Skyline Properties was involved in throughout 2014. Robert Khodadadian was able to make the transaction beneficial for both the buyer and seller, and all of us here at Skyline Properties are pleased the deal was a success. For more news and details regarding our recent deals, and some of our upcoming transactions, keep reading the Skyline Properties blog!