The four-story building at 1055-1057 Second Avenue in New York, NY, features a total of 24 apartments and ground-floor retail spaces, including Skyscraper Cleaners, Vera’s Shoe Repair, and Fossner Timepieces. The property, with 50,000 buildable square feet, is set to be acquired by David Moinian, CEO of Moin Development Corp, for $19 million. The deal includes 38,000 square feet of air rights and is expected to close within three months at a per-square-foot price of $380.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $18,000,000.00
• Buyer: John Rapp
• Buyer's Representative: Robert Khodadadian (Skyline Properties)

Robert Khodadadian from Skyline Properties served as the buyer's representative in this deal, while Joanna Cutler represented the J. T. Tai & Company Foundation, the previous owner of the property. The acquisition involves a significant investment from Moin Development Corp, adding to their portfolio in the New York market. The strategic move showcases the active involvement of key individuals such as David Moinian and the expertise of real estate professionals like Robert Khodadadian and Joanna Cutler in facilitating such transactions.