North of Madison Square Park
Off-Market Broker
Robert Khodadadian and Skyline Properties specialize in confidential off-market transactions throughout NoMad—including ground leases, boutique office, and mixed-use properties in one of Manhattan's fastest-evolving submarkets.
236 Fifth Ave
Year Ground Lease
Building Size
Ground Lease Value
236 Fifth Avenue:
Robert Khodadadian structured this landmark 99-year ground lease between LCT Associates (Scott Chiou) and The Kaufman Organization—one of NoMad's largest ground lease transactions.
The 95,000 SF office building at 236 Fifth Avenue, valued at over $800 per square foot, demonstrates the institutional quality of NoMad assets and the sophistication of ground lease structures that allow landowners to maintain long-term ownership while providing tenants access to prime locations.
This deal was featured in Commercial Observer and positioned Skyline Properties as a leading ground lease specialist in the NoMad/Flatiron corridor.
Deal Summary
Why in NoMad?
Rapid Appreciation
NoMad land values have appreciated dramatically. Off-market transactions allow sophisticated parties to transact without triggering speculative pricing.
Ground Lease Opportunities
Long-term landowners increasingly favor ground leases over sales. Off-market sourcing connects tenants with opportunities before competitive processes.
Tech Tenant Demand
Tech companies seeking NoMad office create intense competition. First-look off-market access gives investors an edge in securing trophy assets.
Hotel Conversion Plays
NoMad's hospitality concentration creates conversion opportunities. Discrete transactions protect operational hotels during ownership transitions.
Madison Square Park Premium
Park-adjacent properties command premiums. Off-market processes help sellers maximize value with qualified buyers.
Limited Inventory
NoMad's geographic constraints limit supply. Most transactions occur off-market due to intense buyer competition for rare opportunities.
NoMad Off-Market
Why is NoMad emerging as a prime off-market commercial real estate market?
NoMad (North of Madison Square Park) has evolved from an overlooked transitional area into one of Manhattan's most dynamic submarkets. The combination of tech tenants, boutique hotels, high-end retail, and proximity to both Midtown and Flatiron creates demand that often exceeds supply—making off-market sourcing essential for serious investors.
What types of off-market properties are available in NoMad?
Skyline Properties sources off-market NoMad opportunities including: ground lease positions, boutique office buildings, mixed-use with retail, development sites, and value-add multifamily. Our landmark $65M 236 Fifth Avenue ground lease demonstrates deep NoMad expertise.
What landmark deals has Skyline Properties closed in NoMad?
Our signature NoMad transaction is 236 Fifth Avenue—a $65M 99-year ground lease to The Kaufman Organization. This 95,000 SF office building represents one of the largest ground lease transactions in NoMad history and showcases our ability to structure complex deals in this evolving submarket.
Why are ground leases particularly relevant in NoMad?
NoMad's rapidly appreciating land values make ground leases attractive for both landowners seeking long-term income and tenants/developers seeking to access prime locations with reduced upfront capital. Robert Khodadadian is recognized as one of NYC's leading ground lease specialists.
What buyer profiles seek NoMad off-market opportunities?
NoMad attracts: tech-focused office investors, hospitality groups (given the neighborhood's hotel concentration), ground lease tenants seeking long-term positions, and value-add investors targeting repositioning plays in the Flatiron-NoMad corridor.
Seeking ?
Whether you're targeting ground lease positions, boutique office, or mixed-use opportunities, Robert Khodadadian delivers exclusive NoMad opportunities.