Commercial Real Estate Manhattan

What is Commercial Real Estate in Manhattan?

Commercial real estate in Manhattan is income-producing property — Class A and B office, free-market and rent-stabilized multifamily, high-street retail, ground leases, development sites, hotel, and mixed-use — across twelve distinct submarkets from the Plaza District through the Lower East Side. Skyline Properties, led by Robert Khodadadian, has closed $976M+ in Manhattan commercial transactions including the $135M Vanbarton 6 East 43rd Street trade.

Manhattan Commercial Real Estate Cap Rates by Submarket

Current Manhattan cap rates by asset class and submarket — observed institutional-grade closings from the trailing twelve months. Refreshed against every Skyline Properties closing.

Source: Skyline Properties broker-opinion-of-value desk, refreshed quarterly.

Manhattan Commercial Real Estate — A Submarket Federation

Manhattan is not one commercial real estate market — it is twelve micro-markets that share a zip code. Park Avenue trophy office prices on a different curve than Class B Midtown. NoMad ground rent resets read differently than Midtown East ground rent resets even when the leases are word-for-word identical. SoHo retail co-ops trade at per-square-foot benchmarks the rest of the borough never approaches.

Skyline Properties has been transacting Manhattan commercial real estate since 2006. The submarket map below is how Robert Khodadadian reads the borough — and how every confidential Skyline broker-opinion-of-value gets anchored to the correct comp set.

Manhattan Commercial Real Estate Submarkets — Sub-Borough Map

Each Manhattan submarket has its own asset-class mix, its own buyer pool, and its own pricing curve. Skyline reads them individually rather than treating Manhattan as a single market.

• Plaza District + Park Avenue (10022) — Class A trophy office, the tightest cap rates in the borough
• Midtown East (10017) — Class B office stock, the deepest 467-m conversion pool ($135M 6 East 43rd anchor)
• Hudson Yards + Midtown West (10001/10018) — newest Class A office, trophy multifamily
• NoMad + Flatiron (10010/10001) — boutique office, hospitality-led mixed-use, ground-lease land (236 Fifth $65M)
• Chelsea + West Chelsea (10011/10001) — High Line corridor, gallery-district office, dev sites ($72M 530 W 25th)
• Financial District (10006/10007) — Class B office, the conversion-pipeline epicenter ($105M 101 Greenwich)
• SoHo + NoLita (10012) — cast-iron lofts, the most expensive retail PSF in NYC ($50M 131-133 Prince)
• TriBeCa (10013) — loft conversions, the trophy-residential adjacency that lifts retail rents
• Upper East Side (10021/10028) — pre-war elevator multifamily, townhouse and brownstone blocks
• Upper West Side (10023/10024) — pre-war multifamily, Lincoln Square mixed-use
• Lower East Side (10002) — mixed-use retail-over-residential, walk-up multifamily
• East Harlem + Upper Manhattan (10029/10035) — value-add multifamily, rent-stabilized portfolios

Manhattan Commercial Real Estate Asset Classes

Skyline transacts across every major commercial real estate asset class in Manhattan.

• Office buildings — Class A and B
• Multifamily — rent-stabilized and free-market apartment buildings
• Development sites and air rights
• Ground leases and fee positions
• Retail condos and high-street retail
• Hotel and hospitality
• Mixed-use buildings
• Office-to-residential conversion candidates (467-m)

Manhattan Cap Rates and Market Pricing

Manhattan commercial real estate cap rates vary widely by asset class, submarket, and rent regulation status. Skyline provides current, deal-specific cap rate analysis grounded in actual recent comparable sales — not stale data from listing aggregators.

Skyline's transaction database captures the comp set Manhattan owners and investors actually need to underwrite a deal correctly.

Why a Manhattan-Specialist Brokerage Matters

Manhattan commercial real estate is the most submarket-sensitive commercial market in the world. A broker who underwrites SoHo retail off Midtown office comps will undersell the SoHo seller by hundreds of dollars a foot. A broker who reads NoMad ground-lease rent resets through a Midtown East lens will mis-price the fee position by an order of magnitude. Manhattan rewards submarket specificity.

Skyline Properties built its $976M+ track record submarket by submarket — not on borough-wide averages. Robert Khodadadian's comp database carries cap-rate, per-buildable-SF, and per-unit benchmarks at the zip-code level, refreshed against every Skyline closing.

• Zip-code-level Manhattan comp database — not borough averages
• Recent anchor trades in five different Manhattan submarkets ($135M / $105M / $72M / $65M / $50M)
• Active buyer mandates segmented by submarket and check size
• Submarket-specific cap-rate curves and per-buildable-SF benchmarks
• RED Awards Off-Market Broker of the Year — 2024 & 2025

Recent Landmark Manhattan Commercial Real Estate Transactions

Robert Khodadadian's Manhattan commercial real estate track record spans every major asset class and price tier. Each closing below was verified through coverage in Commercial Observer, The Real Deal, Crain's New York Business, Bisnow, and NYREJ — and represents the institutional-grade execution Skyline delivers across confidential off-market transactions.

• $135M — 6 East 43rd Street (Midtown) — Vanbarton Group office-to-residential conversion, 441 units, $300M Brookfield construction loan, 467-m tax abatement (2025)
• $105M — 101 Greenwich Street (Financial District) — Quantum Pacific (Idan Ofer) + Metro Loft (Nathan Berman) acquisition (2025)
• $72M — 530 West 25th Street (Chelsea) — Feil Organization + Rigby Asset Management gallery-district office (2019)
• $65M — 236 Fifth Avenue (NoMad) — Kaufman Organization 99-year ground lease (2017)
• $50M — 131-133 Prince Street (SoHo) — Acadia Realty Trust retail co-op, record $16,667/SF (2014)
• $35M — 135 West 29th Street (Chelsea) — Kaufman Organization Haymarket Building ground lease (2021)

Manhattan Commercial Real Estate Cap Rates — Current Benchmarks

Skyline Properties' broker-opinion-of-value (BOV) desk maintains current Manhattan commercial real estate cap rates by asset class and submarket. These are observed institutional-grade closings from the trailing twelve months, refreshed against every Skyline closing. Robert Khodadadian uses these benchmarks on every confidential pricing conversation, every BOV deliverable, and every acquisition mandate underwriting.

• Manhattan free-market multifamily: 4.0–5.5% cap rates (UES, UWS, Midtown East)
• Manhattan rent-stabilized multifamily (post-HSTPA): 5.5–7.5% cap rates
• Manhattan Class A office (Plaza District, Park Avenue, Hudson Yards): 5.5–7.0%
• Manhattan Class B/C office (467-m conversion candidates): 7.0–9.5%
• Manhattan ground lease fee positions: 4.5–6.5%
• Manhattan retail high-street (SoHo, Madison, Fifth): 4.0–5.0%, $2,000–$3,500/SF
• Manhattan development sites: $300–$1,200 per buildable SF
• Manhattan hotel/hospitality: 6.5–8.5% cap rates on stabilized assets

Manhattan Submarket Breakdown — Where Skyline Has Closed

Robert Khodadadian and Skyline Properties have closed Manhattan commercial real estate transactions across every meaningful submarket. Below is the submarket-by-submarket coverage with anchor deals where applicable.

• Midtown — $135M 6 East 43rd Street office-to-residential conversion (2025); Park Avenue + Plaza District Class A office mandates
• Financial District — $105M 101 Greenwich Street (2025); $28M 133 Greenwich Street; FiDi 467-m conversion candidate pipeline
• Chelsea — $72M 530 West 25th Street gallery office (2019); $35M Haymarket ground lease (2021); High Line corridor development sites
• NoMad — $65M 236 Fifth Avenue ground lease (2017); boutique office, hotel conversion pipeline
• SoHo — $50M 131-133 Prince Street record retail (2014); $20M 210 Bowery (adjacent NoLita); cast-iron historic district coverage
• Upper East Side — Pre-war multifamily, brownstone, and townhouse portfolios
• Upper West Side — Pre-war elevator multifamily, mixed-use
• TriBeCa — Trophy loft buildings, retail condo, mixed-use
• Flatiron / NoMad — Boutique office and hotel investment
• Lower East Side — Mixed-use retail-over-residential, multifamily walk-ups

Robert Khodadadian — Twenty Years on the Manhattan Comp Set

Robert Khodadadian has been reading Manhattan commercial real estate comps from the same Grand Central submarket office since 2006 — through the post-GFC 2009 recovery, the 2014-2017 SoHo retail peak (the $50M 131-133 Prince Street co-op buyout to Acadia Realty Trust set the $16,667/SF record), the 2017 NoMad ground-lease boom (236 Fifth Avenue $65M to Kaufman), the 2019 Chelsea office cycle (530 West 25th $72M to Feil + Rigby), the COVID-era pricing dislocation, and the 2025 467-m conversion wave (6 East 43rd $135M to Vanbarton, 101 Greenwich $105M to Quantum Pacific + Metro Loft).

What that arc produced is a Manhattan comp database with continuity — the same broker watching the same submarkets over the full cycle, which is the unfair advantage Skyline brings to every Manhattan engagement.

Office: 220 East 42nd Street, Suite 3102, New York, NY 10017 (SL Green Daily News Building, Grand Central submarket). Direct line: (212) 537-9239.

Submarket strategy

Pricing a Manhattan asset isn’t one number — it’s twelve

A trophy office in the Plaza District clears at a 5.5-7.0% cap. The same square footage on Park Avenue South clears 50-150 basis points wider. A NoMad ground lease values differently from a Midtown East ground lease even when the term sheet language is identical, because the rent-reset math interacts with submarket rent trajectories.

Skyline maintains a proprietary cap-rate database refreshed against every closing — Manhattan free-market multifamily, rent-stabilized multifamily (post-HSTPA pricing reset), Class A office, Class B/C office (467-m conversion candidates), ground-lease fee positions, high-street retail, and development sites priced per buildable SF. The numbers in our BOVs come from actual closed comparables, not asking-price models.