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 19 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 $140M, 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 ($140M office-to-residential conversion), 101 Greenwich Street ($105M FiDi office), 236 Fifth Avenue ($65M ground lease), and numerous other landmark deals throughout NYC.

Market Analysis•15 min read•January 15, 2026

NYC Commercial Real Estate Market 2026: Complete Outlook

Comprehensive analysis of the NYC commercial real estate market in 2026, covering office, multifamily, retail, and investment sales trends across Manhattan boroughs.

Robert Khodadadian|Discuss a confidential opportunity

The NYC commercial real estate market enters 2026 with renewed momentum. After navigating interest rate volatility and remote work disruption, Manhattan's commercial property market is showing clear signs of recovery across all major asset classes.

Office Market Recovery

Manhattan office vacancy peaked in 2024 and has been steadily declining. Class A buildings in Midtown are leading the recovery with trophy assets commanding premium rents. The office-to-residential conversion pipeline is absorbing obsolete Class B and C inventory, tightening supply. Notable conversions include 6 East 43rd Street ($140M) and several Financial District properties taking advantage of the 467-m tax abatement program.

Investment Sales Volume

Transaction volume has rebounded significantly. Skyline Properties has participated in over $976M+ in transactions, with 2025-2026 seeing strong activity in the $20M-$150M range. Off-market deals continue to dominate institutional activity, with confidential transactions accounting for an estimated 40-60% of mid-market volume.

Ground Lease Demand

Ground leases remain a preferred structure for institutional landowners seeking tax-efficient, multigenerational income. The 99-year ground lease market in Manhattan has seen increased activity, with notable transactions like the $65M 236 Fifth Avenue deal and the $35M Kaufman Organization Haymarket lease demonstrating strong investor appetite.

Cap Rate Trends

Cap rates have stabilized after the rate-driven expansion of 2023-2024. Manhattan office cap rates range from 4.5-6.5% for institutional quality assets. Multifamily remains compressed at 3.5-5.0%. Ground leases trade at premium valuations given their long-term income stability.

Key Takeaways for Commercial Real Estate Investors

Office-to-residential conversions creating value from obsolete inventory
Off-market deal flow remains critical for best-in-class acquisitions
Ground leases offer inflation protection and multigenerational wealth preservation
Mid-market transactions ($20M-$150M) seeing strongest competition
Neighborhood-specific dynamics matter more than ever - Midtown, FiDi, and Chelsea leading recovery

Get More Market Insights

Subscribe for exclusive analysis, off-market opportunities, and market intelligence delivered weekly.

← Back to Insights View Market Dashboard