The Maidman family, known for their firm Townhouse Management Company, has sold one of their Upper East Side buildings. The Maidmans, led by their patriarch Richard Maidman, are one of the biggest names in the New York Real Estate market as they own and manage around 1,000 rental units in the city.
According to The Real Deal, the Maidmans has sold their five-story 40,320-square-foot building located at East 82nd Street for $27 million to an unnamed French investor. It has been reported that the new owner plans to renovate some parts of the apartment and do some upgrades in the building.
Barak Jacobov of GFI Realty Services represented the Maidman family while Erik Yankelovich of GFI represented the French investor. Yankelovich shared that his client will benefit a lot from the new purchased property. This is because the 67 apartments in the building, which are subject to "rent regulation in exchange for tax benefits under the city's J-51 program," will soon be deregulated starting 2017.
Yankelovich also revealed that this building is his client's fourth investment in the United States because his French client "feels like this is a safe place to put his money."
While the Maidmans, on the other hand, are said to pay more focus on development. Jacobov said, "They're pushing more into development so it made sense to monetize this asset."
Meanwhile, back in 2013 it was reported that the Maidman's patriarch wanted to limit his family's access to the company's wealth because he wanted to encourage his children to work hard and earn their own money and success. It was mentioned that the millions profit of the company can only be used by the family members when it comes to educational and medical expenses. Maidman made such decision to ensure that his family put great value on money and hard work.
As the head of the Maidman family said, "The idea is not to create in our children enough money so that people don't need to work."