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.

What is rent stabilization in NYC and how does it affect property value?

Rent stabilization is a NYC + NY State framework that limits rent increases on roughly 1 million NYC apartments. The HSTPA reforms of 2019 eliminated nearly all pathways to deregulate stabilized units (vacancy decontrol, IAI rent increases, MCI cost-recovery were all curtailed). The result: stabilized buildings now value at 5-7% cap rates on in-place NOI, with limited upside, but stable + predictable income that institutional capital prizes.

What's the difference between free-market and rent-stabilized multifamily in NYC?

Free-market NYC multifamily allows owners to set rents at market rates and increase them annually without restriction. Rent-stabilized buildings have annual rent increases capped by the NYC Rent Guidelines Board (RGB) — historically 1.5-3.5% on one-year leases. Free-market trades at tighter cap rates (4-5.5%) due to growth potential; stabilized trades wider (5-7%) but with regulated stable cash flow.

What is the NYC Rent Guidelines Board and how do they set rent increases?

The NYC Rent Guidelines Board (RGB) is a 9-member board appointed by the Mayor that sets annual rent-increase caps for the city's ~1M rent-stabilized apartments. Each year (typically June) the RGB votes on permitted increases for one-year and two-year lease renewals based on operating-cost data, vacancy rates, and inflation. Recent increases have ranged from 0% to 3.25% on one-year renewals.

Are there any pathways to deregulate rent-stabilized units after HSTPA 2019?

Pathways are extremely limited post-HSTPA. Vacancy decontrol was eliminated; high-income decontrol was eliminated; IAI/MCI rent increases were drastically reduced. Limited remaining pathways: substantial rehabilitation under MDL 26 (very high bar), demolition + redevelopment under specific exemptions, some preferential-rent restructurings. Underwriting NYC multifamily today should not assume meaningful deregulation upside.

What are the current Manhattan multifamily cap rates?

Manhattan multifamily cap rates in 2026: free-market (luxury) buildings at 4.0-5.0%; mixed free-market + stabilized at 4.5-5.5%; primarily stabilized at 5.0-6.5%; deeply distressed (regulatory + physical) at 6.5-8%+. Outer-borough multifamily generally trades 100-200 bps wider than Manhattan equivalents. Skyline's 2024 Benedict Realty Queens multifamily portfolio acquisitions ($46.5M each) at ~5.5% trailing cap reflect typical Queens stabilized pricing.

What is a J-51 tax abatement and which buildings qualify?

J-51 is a NYC property tax abatement + exemption program for major capital improvements + conversions of certain pre-1974 multifamily buildings. Reauthorized in 2024 after expiring in 2022. Provides a 14-year tax exemption on increased assessed value plus a 34-year abatement of up to 90% of qualified renovation costs against future taxes. Eligibility includes building age, alteration scope, and tenant-protection compliance. Often stacks with rent-stabilization regulatory framework.