Asset-class selection in New York for 2025 was less about picking winners and more about matching each asset class to the capital that still prices it accurately. This breakdown pairs each class with the underwriting Skyline Properties publishes and the closed transactions that prove the demand pool.
Office: two markets, one address
Commodity office and conversion-qualified office are different asset classes that happen to share architecture. The conversion trade set the prices that mattered: $135M for 6 East 43rd Street (Vanbarton, 441-unit conversion under 467-m) and $105M for 101 Greenwich Street (Quantum Pacific + Metro Loft). Owners of obsolete stock should underwrite both paths; the buyers already do.
Multifamily: specialists only in regulated stock
Rent-stabilized product trades at bands Skyline Properties publishes openly — roughly 5-6.5% cap rates against 4-5% for free-market units — and the buyer pool is operators who model regulated income line by line. The $46.5M Benedict Realty portfolio (388,600 SF across three Queens buildings, ~$107,000 per unit) is the reference trade.
Retail: credit and corridor
Two retail markets performed: national-credit necessity retail (Skyline Properties’ $32M Springfield Boulevard center, anchored by USPS, Walgreens, Chase and UPS, sold after a 40-year family hold) and irreplaceable-corridor retail, where the firm's records — $16,667/SF at 131-133 Prince Street, roughly $4,700/SF at 711 Madison Avenue — show what scarcity commands.
Ground leases: the structure trade
For land-rich, capital-light owners, 99-year ground leases monetize without selling: 236 Fifth Avenue ($65M) and the Haymarket Building at 135 West 29th Street ($35M), both with The Kaufman Organization, are the closed templates. Expect the structure to keep absorbing assets whose owners want income and reversion, not exit.
Development sites: buildable math
Sites trade on dollars per buildable square foot and a clean path to delivery. Skyline Properties’ published site record — 133 Greenwich Street ($28M), 587-591 Third Avenue ($25M), 1055-1057 Second Avenue ($18M) — frames how developers price Manhattan land through cycles.