An unidentified investor has forked over $10 million to buy the small building housing the iconic Rao’s Italian restaurant, The Post has learned — and didn’t even get a reservation for one of its closely guarded tables.
The sale of the 22-unit rental property and leaseback of its 1,200-square-foot space by the extended Rao’s family will ensure the beloved restaurant remains at 455 E. 114 St. on the northeast corner of Pleasant Avenue in East Harlem for decades to come.
Most folks will never get to savor the fare of the always fully reserved eatery, where an exclusive group of mostly New Yorkers have “table rights” for each of the 10 tables for every day of the week.
Private eye Bo Dietl, who hosts one of the largest of the tables on Thursdays, says he will welcome the new owner to the Rao’s family.
“I’ll save him two seats at my table one night,” Dietl told The Post.
The family style evenings, hosted by co-owner Frank Pellegrino, include cocktails, a parade of Italian dishes, and a sing-a-long with A-list guests, who recently included Peyton Manning celebrating his Super Bowl win.
Thomas Gammino and Lev Kimyagarov of Cushman & Wakefield represented the Rao family sellers, while the city-based buyer, who is new to owning in the neighborhood, was fulfilling the need for a 1031 tax-free exchange.
“He was definitely attracted to the name,” said Gammino of the buyer, declining to comment on the financials.
The seven-story building plus an interconnected four-story former townhouse has 19,584 square feet and now includes the 22 residential units developed in 2005. There are still 1,116 square feet of transferrable air rights remaining — as well as a 421-a tax exemption that burns off at the end of June 2032.
Founded in 1896 by Charles Rao, and later operated by Vincent and his wife, Anne Pellegrino, Rao’s Restaurant Group now has locations at Caesar’s Palace in Las Vegas and Hollywood.
The restaurant did not answer its phone for comment.
