JP Real Estate Group pays $23.6M to Rudd Realty for 15-unit walkup in Lenox Hill

The entity JP Real Estate Group Limited, with undisclosed ownership, paid $23.6 million to Rudd Realty Management through the entity 1057 Lexington LLC for the 15-unit residential walkup building (C7) at 1057-1059 Lexington Avenue in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on January 15, 2026 and was recorded on January 29, 2026. The property has 19,970 square feet of built space and 15,980 square feet of additional air rights for a total buildable of 35,955 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,181 and the price per buildable square foot is $656 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on May 19, 2014, for $24 million. The signatory for Rudd Realty Management was Joshua Greenberg . The signatory for JP Real Estate Group Limited was Michael A. Mulia . The contract date was December 5, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer JP Real Estate Group Limited purchased three properties in three transactions for a total of $74.6 million and has no record it sold any properties over the past 24 months.
The seller Rudd Realty Management had not purchased any other properties and sold one property in one transaction for a total of $18.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Brad Tabak, head officer and Frederick Rudd, shareholder. The business entity is 1057 Lexington Llc. The 19,970-square-foot property generated revenue of $2.2 million or $110 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 15 residential units in Lenox Hill has 19,970 square feet of built space and 15,980 square feet of additional air rights for a total buildable of 35,955 square feet according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 94 feet deep with a total lot size of 3,995 square feet. The zoning is C1-8X which allows for up to 2 times floor area ratio (FAR) for commercial and up to 9 times FAR for residential with inclusionary housing. The property is in the Upper East Side Historic District Extension. The city-designated market value for the property in 2022 is $11.9 million. The property has 3 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $555 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing 186,802 square feet of the 350,467 square feet. The identified owner is Theodate L. Coates.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 350,467 square feet of built space are elevator buildings, with office buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Rudd Realty Management owned at least three commercial properties with 31 residential units in New York City with 36,832 square feet and a city-determined market value of $14 million. (Market value is typically about 50% of actual value.) The portfolio has $26.9 million in debt, borrowed from Ridgewood Savings Bank and Valley National Bank. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Jp Real Estate Group Limited owned at least one commercial property with 22 residential units in New York City with 13,416 square feet and a city-determined market value of $3.8 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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