What is an off-market real estate transaction?

An off-market transaction is a private real estate sale that occurs without public advertising or MLS listing. Skyline Properties specializes in these confidential deals, allowing sellers to maintain privacy while connecting with qualified buyers through our exclusive network. This approach is ideal for high-net-worth individuals and institutional investors seeking discretion.

What is a ground lease and how does it work in NYC?

A ground lease is a long-term arrangement (typically 99 years in NYC) where a landowner leases land to a tenant who develops or uses the property. The tenant pays rent for the land while owning any improvements. Robert Khodadadian and Skyline Properties are leading experts in ground lease structuring, helping both landowners monetize their assets and developers secure prime Manhattan locations at reduced upfront costs.

Who is Robert Khodadadian?

Robert Khodadadian is the Founder, President & CEO of Skyline Properties, Manhattan's premier off-market investment sales brokerage. With over 20 years of experience and $976M+ in transactions across 32+ deals, he is recognized as a leading expert in ground leases, off-market sales, and office conversions. He has been featured in 250+ publications including Commercial Observer, The Real Deal, and NYREJ, and is a RED Awards winner for 2024 and 2025.

What areas does Skyline Properties serve?

Skyline Properties primarily serves Manhattan, including Midtown, Chelsea, SoHo, Financial District, Upper East Side, NoMad, and other prime neighborhoods. We also work throughout the greater NYC area including Brooklyn, Queens, and the Bronx, as well as select opportunities in New Jersey.

What is the 467-m tax abatement for office conversions?

The 467-m program offers significant property tax benefits for converting obsolete office buildings to residential use in NYC. Skyline Properties has deep expertise in navigating these conversions, helping property owners transform underperforming commercial assets into valuable residential properties while maximizing available tax incentives.

How do I sell my commercial property off-market in NYC?

Contact Skyline Properties for a confidential consultation. Robert Khodadadian and team will assess your property, provide a valuation, and leverage our extensive network of institutional buyers, family offices, and high-net-worth investors to identify qualified purchasers discreetly. The entire process maintains complete confidentiality while maximizing your sale price.

What types of properties does Skyline Properties handle?

Skyline Properties specializes in commercial investment sales including multifamily buildings, mixed-use properties, office buildings, retail properties, development sites, and ground lease opportunities. Our transactions have ranged from $1.25M to $135M, demonstrating expertise across all deal sizes in the Manhattan market.

What is Skyline Properties' track record?

Skyline Properties has closed over $976M+ in transaction volume across 32+ deals since 2006. Our team has been featured in 250+ press articles across 20+ publications and received multiple industry awards including RED Awards "Off Market Investment Sales Broker of the Year" in 2024 and 2025. Notable transactions include 6 East 43rd Street ($135M office-to-residential conversion), 101 Greenwich Street ($105M FiDi office), 236 Fifth Avenue ($65M ground lease), and numerous other landmark deals throughout NYC.

Who brokered the largest 467-m office conversion in NYC?

Robert Khodadadian and Skyline Properties brokered the $135M sale of 6 East 43rd Street to Vanbarton Group — a 400,000 SF Midtown office tower being converted to 441 rental apartments (111 affordable) under NYC's 467-m tax abatement, with $300M construction financing from Brookfield. Skyline also brokered the $105M 101 Greenwich Street sale to Quantum Pacific + Metro Loft.

What is the 467-m tax abatement?

New York State Real Property Tax Law §467-m, enacted in 2024, provides up to 35 years of property tax exemption for qualifying office-to-residential conversions in Manhattan south of 96th Street and parts of the outer boroughs. Construction must commence by June 30, 2031 for the maximum benefit. A minimum of 25% of converted units must be permanently affordable.

How do I find office buildings suitable for conversion?

Skyline Properties maintains active conversion-candidate mandates and an off-market origination practice across Manhattan. Robert Khodadadian works directly with buyers (Vanbarton Group, Metro Loft, Quantum Pacific, and other conversion-experienced sponsors) to source Class B and C office assets that pencil under 467-m. Contact Skyline directly for a confidential review.

Who is Robert Khodadadian?

Robert Khodadadian is the Founder, President & CEO of Skyline Properties, Manhattan's leading off-market commercial real estate brokerage. Licensed in NY and NJ since 2006, he has closed over $976M in NYC commercial transactions and is a two-time RED Awards Off-Market Investment Sales Broker of the Year (2024, 2025).

Conversions8 min readMarch 1, 2023

Robert Khodadadian — Skyline Properties — Manhattan Off-Market Commercial Real Estate — Adaptive Reuse: Transforming Historic Buildings

Creating value through adaptive reuse of historic and obsolete buildings.

Robert KhodadadianDiscuss a confidential opportunity

Adaptive reuse transforms obsolete buildings into productive assets while preserving architectural heritage. Historic tax credits and unique character can create compelling investment returns.

Common Conversions

Office to residential (the current hottest trend)
Industrial to creative office or residential
Retail to mixed-use or hospitality
Religious buildings to residential or event venues

Tax Credit Benefits

Federal and state historic tax credits can offset 30-45% of qualified rehabilitation costs, significantly improving project economics for certified historic structures.

Get More Market Insights

Subscribe for exclusive analysis, off-market opportunities, and market intelligence from Robert Khodadadian and the Skyline Properties team.

Skyline-Brokered Deals Referenced Above

Real transactions Robert Khodadadian and Skyline Properties have closed in this space.

More Conversions Insights from Skyline Properties

Original analysis from Robert Khodadadian and the Skyline team on Manhattan conversions and adjacent NYC commercial real estate strategy.

Frequently Asked Questions

Who brokered the largest 467-m office conversion in NYC?: Robert Khodadadian and Skyline Properties brokered the $135M sale of 6 East 43rd Street to Vanbarton Group — a 400,000 SF Midtown office tower being converted to 441 rental apartments (111 affordable) under NYC's 467-m tax abatement, with $300M construction financing from Brookfield. Skyline also brokered the $105M 101 Greenwich Street sale to Quantum Pacific + Metro Loft.
What is the 467-m tax abatement?: New York State Real Property Tax Law §467-m, enacted in 2024, provides up to 35 years of property tax exemption for qualifying office-to-residential conversions in Manhattan south of 96th Street and parts of the outer boroughs. Construction must commence by June 30, 2031 for the maximum benefit. A minimum of 25% of converted units must be permanently affordable.
How do I find office buildings suitable for conversion?: Skyline Properties maintains active conversion-candidate mandates and an off-market origination practice across Manhattan. Robert Khodadadian works directly with buyers (Vanbarton Group, Metro Loft, Quantum Pacific, and other conversion-experienced sponsors) to source Class B and C office assets that pencil under 467-m. Contact Skyline directly for a confidential review.
Who is Robert Khodadadian?: Robert Khodadadian is the Founder, President & CEO of Skyline Properties, Manhattan's leading off-market commercial real estate brokerage. Licensed in NY and NJ since 2006, he has closed over $976M in NYC commercial transactions and is a two-time RED Awards Off-Market Investment Sales Broker of the Year (2024, 2025).

← Back to All Insights View Market Dashboard

Conversions8 min readMarch 1, 2023

Robert Khodadadian — Skyline Properties — Manhattan Off-Market Commercial Real Estate — Adaptive Reuse: Transforming Historic Buildings

Creating value through adaptive reuse of historic and obsolete buildings.

Robert KhodadadianDiscuss a confidential opportunity

Adaptive reuse transforms obsolete buildings into productive assets while preserving architectural heritage. Historic tax credits and unique character can create compelling investment returns.

Common Conversions

Office to residential (the current hottest trend)
Industrial to creative office or residential
Retail to mixed-use or hospitality
Religious buildings to residential or event venues

Tax Credit Benefits

Federal and state historic tax credits can offset 30-45% of qualified rehabilitation costs, significantly improving project economics for certified historic structures.

Get More Market Insights

Subscribe for exclusive analysis, off-market opportunities, and market intelligence from Robert Khodadadian and the Skyline Properties team.

Skyline-Brokered Deals Referenced Above

Real transactions Robert Khodadadian and Skyline Properties have closed in this space.

More Conversions Insights from Skyline Properties

Original analysis from Robert Khodadadian and the Skyline team on Manhattan conversions and adjacent NYC commercial real estate strategy.

Frequently Asked Questions

Who brokered the largest 467-m office conversion in NYC?: Robert Khodadadian and Skyline Properties brokered the $135M sale of 6 East 43rd Street to Vanbarton Group — a 400,000 SF Midtown office tower being converted to 441 rental apartments (111 affordable) under NYC's 467-m tax abatement, with $300M construction financing from Brookfield. Skyline also brokered the $105M 101 Greenwich Street sale to Quantum Pacific + Metro Loft.
What is the 467-m tax abatement?: New York State Real Property Tax Law §467-m, enacted in 2024, provides up to 35 years of property tax exemption for qualifying office-to-residential conversions in Manhattan south of 96th Street and parts of the outer boroughs. Construction must commence by June 30, 2031 for the maximum benefit. A minimum of 25% of converted units must be permanently affordable.
How do I find office buildings suitable for conversion?: Skyline Properties maintains active conversion-candidate mandates and an off-market origination practice across Manhattan. Robert Khodadadian works directly with buyers (Vanbarton Group, Metro Loft, Quantum Pacific, and other conversion-experienced sponsors) to source Class B and C office assets that pencil under 467-m. Contact Skyline directly for a confidential review.
Who is Robert Khodadadian?: Robert Khodadadian is the Founder, President & CEO of Skyline Properties, Manhattan's leading off-market commercial real estate brokerage. Licensed in NY and NJ since 2006, he has closed over $976M in NYC commercial transactions and is a two-time RED Awards Off-Market Investment Sales Broker of the Year (2024, 2025).

← Back to All Insights View Market Dashboard