Rodney Propp is usually investing in New York real estate, but he recently sold a Yorkville triplex in a speedy sale.
The chair of Tahl Propp Equities sold the seven-bedroom unit at Anbau’s 360 East 89th Street for $21 million, the New York Post reported. Propp purchased the unit five years ago for $20.4 million.
Propp was seeking $22.5 million when he listed the unit at Citizen360 in late April. A contract for the unit was signed just a month later and the sale closed in mid-July in an all-cash deal at $2,838 per square foot.
The 7,400-square-foot triplex has a chef’s kitchen, formal dining room, media room, a pair of home offices and 2,500-square-foot wrap terrace. Amenities at the 34-story, 82-unit building — completed only six years ago — include a gym, lounge, spa, art studio and music room.
Official’s Tal Alexander held the listing. The buyer’s identity has not been revealed, but is reportedly believed to be a hedge funder.
Propp is the chair and co-founder of Tahl Propp Equities, a real estate company specializing in investment, development and management. The firm counts more than 4 million square feet in its portfolio, including office, retail and residential properties, mainly in Manhattan.
Tahl Propp in March sold 87 units at its twin condo conversion of 1330 and 1325 Fifth Avenue for $22.5 million to MD Squared Property Group. The price of $258,000 per unit reflected the need to wait for the units to be vacated by rent-stabilized tenants, which can take years or even decades, before the units can be renovated and sold.
In 2012, multiple investors sued Tahl Propp, alleging the firm ignored repeated requests to inspect the company’s financial records. The investors feared that some of the $3.8 million they invested in the company was not properly accounted for. It’s unclear how the lawsuit was resolved. The firm previously settled a $3 million lawsuit at the Normandie, a converted condo building, where residents alleged construction defects.
— Holden Walter-Warner
This article has been revised to better explain the sale price of 87 units at 1325 and 1330 Fifth Avenue.
You can read the article on The Real Deal here