6 East 43rd Street
400,000 SF
$/SF
$338
Closed
2025
BuyerThe Vanbarton Group
SellerEmigrant Savings Bank
Deal Data
Press Coverage
Expertise
Off-Market Pulse · Quarterly Edition
Manhattan Investment Sales:
Every Manhattan commercial sale over $25M recorded in Q2 2026: 46 deeds, $4.44B in total, from ACRIS, New York City's register of deeds. Followed by Robert Khodadadian's written view of the quarter: transaction velocity, cap-rate ranges, the 467-m conversion pipeline and buyer demand. Skyline Properties is Manhattan’s Off-Market Investment Sales Authority, and Robert Khodadadian has brokered off-market investment sales since 2006.
What ACRIS recorded in Q2 2026
- ACRIS recorded 46 deeds over $25M for Manhattan commercial and investment property in Q2 2026, $4.44B in total.
- Against Q2 2025 (17 closings, $1.46B): 29 more closings and 205% more volume.
- Against Q1 2026 (45 closings, $3.15B): 1 more closing and 41% more volume.
- The largest closing was 455 Madison Avenue (Hotel) at $491.1M, recorded May 6, 2026.
- Office had the most volume: 43% of the total, $1.90B across 22 closings.
- Midtown, Flatiron (CD 5) led the neighborhoods with 19 closings and $2.82B (63% of the volume).
- The median closing was $48.2M and the average $96.5M.
- Over the four quarters from Q3 2025 to Q2 2026: 155 closings, $15.75B.
Q2 2026 in numbers
- Volume
- Closings
- 46
- Median closing
- $48.2M
- Average closing
- $96.5M
- Largest closing
- $491.1M455 Madison Avenue
Five quarters, counted the same way
| Q2 2025 | 17 | $1.46B | |
|---|---|---|---|
| Q3 2025 | 28 | $3.84B | |
| Q4 2025 | 36 | $4.32B | |
| Q1 2026 | 45 | $3.15B | |
| Q2 2026 | 46 | $4.44B |
By asset class
| Office | 22 | $1.90B | 43% |
|---|---|---|---|
| Hotel | 4 | $800.2M | 18% |
| Commercial condominium | 4 | $578.5M | 13% |
| Vacant land | 2 | $450.8M | 10% |
| Multifamily | 7 | $360.1M | 8% |
| Retail | 5 | $210.8M | 5% |
| Dormitory | 1 | $80.0M | 2% |
| Garage | 1 | $58.5M | 1% |
By neighborhood
| Midtown, Flatiron (CD 5) | 19 | $2.82B | 63% |
|---|---|---|---|
| Turtle Bay, Murray Hill (CD 6) | 3 | $335.9M | 8% |
| Tribeca, Wall Street (CD 1) | 4 | $309.0M | 7% |
| SoHo, Greenwich Village (CD 2) | 6 | $267.2M | 6% |
| Chelsea, Hudson Yards (CD 4) | 4 | $262.6M | 6% |
| Upper West Side (CD 7) | 3 | $155.6M | 4% |
| Upper East Side (CD 8) | 3 | $150.7M | 3% |
| Lower East Side, East Village (CD 3) | 4 | $144.3M | 3% |
Every closing over $25M in Q2 2026
Largest first. Buyers and sellers as ACRIS records them, with the company their mail goes to (c/o); private individuals are not named. Each row links to the deed on ACRIS.
| 455 Madison AvenueWith 35 East 50th Street, 457 Madison Avenue | Hotel | Midtown, Flatiron (CD 5) | $491,100,000 | $567 | THE ARCHDIOCESE OF NEW YORK | LOTTE HOTEL NEW YORK PALACE, LLC | ACRIS | |
|---|---|---|---|---|---|---|---|---|
| 650 Fifth AvenueSame day, before it: 650 FIFTH AVENUE COMPANY to AMIR KABIR FOUNDATION, $174.0M (ACRIS; counted once) | Office | Midtown, Flatiron (CD 5) | $435,000,000 | $1,295 | AMIR KABIR FOUNDATION | 650 FIFTH AVENUE REAL ESTATE HOLDINGS LLC | ACRIS | |
| 575 5th AvenueUnit A | Commercial condominium | Midtown, Flatiron (CD 5) | $316,000,000 | — | THE BUILDING AT 575 FIFTH OFFICE OWNER LLC (c/o BEACON CAPITAL PARTNERS, LLC) | 575 5TH OWNERS, LLC (c/o SOVEREIGN PARTNERS, LLC) | ACRIS | |
| 250 West 57th Street | Office | Midtown, Flatiron (CD 5) | $275,000,000 | $631 | ESRT 250 WEST 57TH ST., L.L.C. | FIFTY SEVENTH 8TH REALTY LLC | ACRIS | |
| 885 2nd Avenue | Office | Turtle Bay, Murray Hill (CD 6) | $265,250,000 | $329 | 885 SECOND AVENUE OWNER LLC | ONE DAG OWNER LP | ACRIS | |
| 407 Park Avenue | Vacant land | Midtown, Flatiron (CD 5) | $251,715,000 | — | CLOVER PARK DEVELOPMENT LLC | 407 PARK AVENUE LLC (c/o EXTELL DEVELOPMENT COMPANY) | ACRIS | |
| 132-142 West 27th Street | Hotel | Midtown, Flatiron (CD 5) | $203,000,000 | $1,379 | 27 STREET EQUITIES LLC | INNSIDE VENTURES, LLC | ACRIS | |
| 405 Park Avenue | Vacant land | Midtown, Flatiron (CD 5) | $199,069,000 | — | RAR2 - 405 PARK, LLC | 407 PARK AVENUE LLC (c/o EXTELL DEVELOPMENT COMPANY) | ACRIS | |
| 7 Dey StreetUnit 3 | Commercial condominium | Tribeca, Wall Street (CD 1) | $190,000,000 | — | 183 BROADWAY OWNER LLC (c/o SL GREEN REALTY CORP.) | GO DEY LLC | ACRIS | |
| 349 West 42nd StreetWith 350 West 43rd Street | Multifamily | Chelsea, Hudson Yards (CD 4) | $148,250,000 | $500 | 42/43 REALTY LLC | GO IVY TOWER LLC | ACRIS | |
| 19 West 44th Street | Office | Midtown, Flatiron (CD 5) | $108,000,000 | $459 | 19 WEST 44TH STREET PROPERTY INVESTORS IV, LLC (c/o SAVANNA ASSETS MANAGEMENT) | 19 W 44 OWNER LLC (c/o OLMSTEAD PROPERTIES) | ACRIS | |
| 117 West 70th Street | Dormitory | Upper West Side (CD 7) | $80,000,000 | $1,062 | MANHATTAN STRATFORD ARMS, INC. | 117 W 70TH OWNER, LLC | ACRIS | |
| 24-28 West 25th Street | Office | Midtown, Flatiron (CD 5) | $71,000,000 | $618 | 24 WEST 25TH STREET PROPERTY INVESTORS IV, LLC (c/o SAVANNA ASSET MANAGEMENT, LLC) | 24-28 WEST 25TH STREET OWNER LLC (c/o KAUFMAN INVESTMENTS LLC) | ACRIS | |
| 13-15 West 56th Street | Hotel | Midtown, Flatiron (CD 5) | $66,225,000 | $1,205 | BDC 56 LLC | 15 WEST 56TH ST INC | ACRIS | |
| 210 East 86th Street | Office | Upper East Side (CD 8) | $64,084,507 | $875 | 210 EAST 86TH STREET CORP (c/o PERLBINDER REALTY CORP) | CSC 210 86TH PROP CO, LLC | ACRIS | |
| 1400 Broadway | Office | Midtown, Flatiron (CD 5) | $61,345,350 | $80 | 112-1400 TRADE PROPERTIES LLC (c/o COHEN BROTHERS REALTY CORPORATION) | ESRT 1400 BROADWAY FEE, L.L.C. | ACRIS | |
| 56 North Moore Street | Garage | Tribeca, Wall Street (CD 1) | $58,500,000 | $1,425 | JEAN FRANCIS LLC and 6 others | NORTH MOORE PROPERTY OWNER LLC (c/o ALCHEMY PROPERTIES INC.) | ACRIS | |
| 597-599 Fifth Avenue | Office | Midtown, Flatiron (CD 5) | $54,000,000 | $1,024 | COMM 2014-UBS4 FIFTH AVENUE, LLC (c/o LNR PARTNERS, LLC) | 597 FIFTH OWNER LLC (c/o SCF MANAGEMENT) | ACRIS | |
| 48 West 25th Street | Office | Midtown, Flatiron (CD 5) | $54,000,000 | $561 | 48 WEST 25TH STREET PROPERTY INVESTORS IV, LLC (c/o SAVANNA ASSET MANAGEMENT, LLC) | 48 WEST 25TH STREET OWNER LLC (c/o KAUFMAN INVESTMENTS LLC) | ACRIS | |
| 112-120 West 34th Street | Office | Midtown, Flatiron (CD 5) | $52,257,150 | $65 | 112-1400 TRADE PROPERTIES LLC (c/o COHEN BROTHERS REALTY CORPORATION) | ESRT 112 WEST 34TH STREET FEE, L.L.C. | ACRIS | |
| 140 Crosby Street | Office | SoHo, Greenwich Village (CD 2) | $51,425,352.35 | $1,593 | MC 19 EAST HOUSTON LLC | CE 140 CROSBY OWNER LLC | ACRIS | |
| 74 8th Avenue | Office | SoHo, Greenwich Village (CD 2) | $50,500,000 | $1,470 | 76 8TH AVE LLC (c/o G4 CAPITAL PARTNERS) | 76 8TH AVENUE OWNER LLC (c/o SPEAR STREET CAPITAL, LLC) | ACRIS | |
| 139 Bowery | Office | Lower East Side, East Village (CD 3) | $49,502,044 | $848 | GLOBAL JOINT VENTURE, INC. | ECC BOWERY LLC | ACRIS | |
| 25 West 45th Street | Office | Midtown, Flatiron (CD 5) | $46,946,262.82 | $250 | Private party | RSS COMM2014-CCRE15- NY W4F, LLC (c/o RIALTO CAPITAL ADVISORS, LLC) | ACRIS | |
| 1511 Third Avenue | Retail | Upper East Side (CD 8) | $46,116,000 | $1,182 | CPF 1511 THIRD AVENUE LLC | SCG 1511 THIRD AVENUE, LLC | ACRIS | |
| 236 Bowery | Retail | SoHo, Greenwich Village (CD 2) | $44,975,000 | $4,473 | 236 BOWERY LLC | TTC INVESTMENTS XV LLC (c/o BUILDING EQUITY MANAGEMENT LLC) | ACRIS | |
| 73-75 Sullivan Street | Multifamily | SoHo, Greenwich Village (CD 2) | $43,333,000 | $1,349 | 73-75 SULLIVAN PARTNERS-1, LLC | 73-75 SULLIVAN STREET AVM LLC | ACRIS | |
| 698 West End Avenue | Multifamily | Upper West Side (CD 7) | $42,000,000 | $459 | 698 D REALTY LLC | BENCHMARK 698 LLC (c/o BENCHMARK REAL ESTATE GROUP) | ACRIS | |
| 311 West 43rd StreetUnit 1 | Commercial condominium | Chelsea, Hudson Yards (CD 4) | $42,000,000 | — | DWF V 311 W 43RD, LLC (c/o DIVCO WEST REAL ESTATE SERVICES, LLC) | 311 WEST OWNER LLC (c/o DAVID WERNER REAL ESTATE LLC) | ACRIS | |
| 403 Avenue of Americas | Retail | SoHo, Greenwich Village (CD 2) | $41,000,000 | $2,209 | 405 SIXTH LLC (c/o MILLSMITH LLC) | ONE GREENWICH RETAIL ECU TIC LLC and 1 other (c/o MIDWOOD INVESTMENT & DELOPMENT) | ACRIS | |
| 713 Madison Avenue | Retail | Upper East Side (CD 8) | $40,536,230.35 | $4,052 | 713 MADISON OWNER LLC | 713 MADISON 28 TIC OWNER, LLC and 1 other (c/o JSRE MANAGEMENT, LLC) | ACRIS | |
| 21 West 37th Street | Hotel | Midtown, Flatiron (CD 5) | $39,850,057.36 | $1,149 | NY 29 WEST LLC | BIG APPLE W 37TH, LLC | ACRIS | |
| 165 East 56th Street | Office | Turtle Bay, Murray Hill (CD 6) | $39,000,000 | $657 | AMERICAN JEWISH COMMITTEE | 165 EAST 56TH STREET LLC | ACRIS | |
| 547 West 27th Street | Retail | Chelsea, Hudson Yards (CD 4) | $38,200,000 | $393 | MARINERS GATE, LLC | MW TOLERO HOLDING CORP. | ACRIS | |
| 261-267 Canal Street | Office | SoHo, Greenwich Village (CD 2) | $36,000,000 | $349 | 267 CANAL STREET CORP. | EMPIRE 261 CANAL LLC and 3 others | ACRIS | |
| 139 Bowery | Office | Lower East Side, East Village (CD 3) | $36,000,000 | $617 | ECC BOWERY LLC | 139 BOWERY HOLDINGS LLC | ACRIS | |
| 118-122 West 23rd Street | Multifamily | Chelsea, Hudson Yards (CD 4) | $34,200,000 | $705 | AIMCO MILAN, LLC | 120 W 23RD ST LLC (c/o HUBB NYC PROPERTIES LLC) | ACRIS | |
| 475 Central Park WestWith 471 Central Park West, 472 Central Park West, 473 Central Park West | Multifamily | Upper West Side (CD 7) | $33,550,000 | $542 | 471-476 CENTRAL PARK WEST PROPERTY OWNER, LLC | BANDO GENY 4 LLC | ACRIS | |
| 661 Lexington Avenue | Office | Turtle Bay, Murray Hill (CD 6) | $31,600,000 | $892 | 661 ASSETS LLC | 661 LA LLC | ACRIS | |
| 893 Broadway | Office | Midtown, Flatiron (CD 5) | $31,000,000 | $1,327 | CHOLLA 893 LLC (c/o RCLCO FUND ADVISORS, LLC) | 893 JOBWAY LLC | ACRIS | |
| 38 West 21st Street | Office | Midtown, Flatiron (CD 5) | $31,000,000 | $451 | JACK VOGEL ASSOCIATES | 38 W 21 LLC | ACRIS | |
| 185 East Houston Street | Multifamily | Lower East Side, East Village (CD 3) | $30,750,000 | $1,158 | ORCHARD HOUSTON, LLC (c/o S&H EQUITIES, INC.) | 181-185 E HOUSTON PROPERTY OWNER LLC | ACRIS | |
| 185 BroadwayUnit 1 | Commercial condominium | Tribeca, Wall Street (CD 1) | $30,500,000 | — | 183 BROADWAY OWNER LLC (c/o SL GREEN REALTY CORP.) | GO DEY LLC | ACRIS | |
| 267 Broadway | Office | Tribeca, Wall Street (CD 1) | $30,000,000 | $1,034 | 267 PROPERTY CORP. (c/o THE ROE CORPORATION) | 267 BROADWAY LLC | ACRIS | |
| 1151 Broadway | Office | Midtown, Flatiron (CD 5) | $29,200,000 | $2,739 | PREMIER 1151-1153 BROADWAY, LLC (c/o PREMIER EQUITIES) | ISL 1151, LLC | ACRIS | |
| 81 East 3rd Street | Multifamily | Lower East Side, East Village (CD 3) | $28,000,000 | $777 | ALN 81 STREET REALTY LLC and 2 others | 81 E 3RD OWNER, LLC | ACRIS |
Transfers recorded without a deed
ACRIS also recorded 6 transfer tax returns over $25M for Manhattan commercial property in Q2 2026 without a deed, such as the sale of an interest in the company that owns a building. They are listed here with the interest and amount as filed, and are not counted in the totals above.
| 6 East 43rd Street | 100% | $172,802,581 | VBG XLIII REIT LLC (c/o VANBARTON GROUP LLC) | VBG XLIII GLOBAL REIT LLC (c/o VANBARTON GROUP LLC) | ACRIS | |
|---|---|---|---|---|---|---|
| 61 Broadway | 100% | $141,486,750 | RXR 61 BROADWAY OWNER LLC | RXR 61 BROADWAY LLC INVESTOR BLOCKER JV LLC | ACRIS | |
| 808 Columbus AvenueUnit RU | 50% | $140,000,000 | METROPOLITAN LIFE INSURANCE COMPANY | CP IX COLUMBUS JV MEMBER, LLC | ACRIS | |
| 150 West 56th StreetUnit COMM | 100% | $130,000,000 | CITYSPIRE REIT, INC. (c/o A.M. PROPERTY HOLDING II CORP.) | CITYSPIRE JV LLC (c/o A.M. PROPERTY HOLDING II CORP.) | ACRIS | |
| 150 West 56th StreetUnit COMM | 100% | $130,000,000 | PPI 7 SUBSIDIARY, L.L.C. | CITYSPIRE JV LLC (c/o A.M. PROPERTY HOLDING II CORP) | ACRIS | |
| 795 Columbus AvenueUnit RU | 50% | $43,500,000 | METROPOLITAN LIFE INSURANCE COMPANY | CP IX COLUMBUS JV MEMBER, LLC | ACRIS |
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How this edition is built
- Counted: deeds (ACRIS document types DEED and DEED, OTHER) over $25M recorded from April 1, 2026 to June 30, 2026, whose lots are all in Manhattan and at least one of which is commercial or investment property by its ACRIS property type (CR, CC, CP, OF, RB, IB, AP, F1, F4, F5, FS, VN).
- A property conveyed twice with the same document date, the first buyer selling in the second deed, is counted once, at the last deed (1 in Q2 2026). Resales on different days are counted as separate closings.
- Not counted: 19 deeds over $25M outside Manhattan, 10 on Manhattan lots whose ACRIS property type is not commercial or investment property (residential condominium and co-op units, family houses and the like). Leases and mortgages are not sales and are not counted.
- Asset class: from the building class the Department of Finance gives the main lot (PLUTO): office (O), retail (K), hotel (H, with apartment hotels counted as multifamily and dormitories apart), multifamily (C, D), mixed-use (S), loft (L), industrial (E, F), garage (G), vacant land (V), condominium (R). A deed of condominium units is a commercial condominium.
- Price per square foot: the price divided by the gross floor area PLUTO records for all of the deed’s lots, shown only when every lot has one and the whole property was conveyed. For a sale of land under a building, it is not a building price.
- Neighborhood: the community district of the main lot, named after neighborhoods NYC Planning lists for the district.
- Sources: ACRIS - Real Property Master (Department of Finance (DOF), updated October 8, 2026); ACRIS - Real Property Legals (Department of Finance (DOF), updated October 8, 2026); ACRIS - Real Property Parties (Department of Finance (DOF), updated October 8, 2026); Primary Land Use Tax Lot Output (PLUTO) (Department of City Planning (DCP), updated August 24, 2026). Recordings through September 30, 2026; ACRIS publishes monthly and can add records late. Built on October 19, 2026.
Commentary
Robert Khodadadian's view of Q2 2026
The sections below are Robert Khodadadian's written view of the quarter, published on June 30, 2026, before ACRIS had published the quarter's records. Its observations, cap-rate ranges and buyer segments come from Skyline Properties' own closed and in-contract deals and its buyers' mandates, as each section notes, not from the ACRIS records above.
Q2 2026: The Market at Mid-Year
Manhattan investment sales volume through Q2 2026 shows a market that has moved decisively past the rate-driven paralysis of 2023–2024. Off-market transaction activity, the segment Skyline Properties works in, has been the leading indicator of the broader recovery: principals with conviction are moving before public-market signals catch up.
The defining feature of this market is selectivity. Capital is concentrating in conversion-eligible office (467-m), stabilized multifamily, and fee-position ground leases instead of spreading across asset classes. Buildings that fit an active mandate trade quickly and quietly. Buildings that don't are sitting, on-market or off.
Five Market Observations: Q2 2026
Patterns from Skyline Properties' active sell-side and buy-side mandates across Manhattan. They come from live deal flow. None of them is a forecast.
Cap-Rate Benchmarks: Q2 2026
Current Manhattan investment sales cap-rate ranges by asset class, derived from Skyline Properties' closed and in-contract transaction data. These are the numbers buyers are actually transacting at, taken from real deals instead of asking prices or listing-aggregator estimates.
| Free-Market Multifamily | 4.0–5.0% | $500–$900/SF | Compressing |
| Rent-Stabilized Multifamily (well-maintained) | 5.5–6.5% | $150–$300/SF | Stable |
| Rent-Stabilized (deferred maintenance/distress) | 7.0–8.5% | $80–$180/SF | Widening |
| Class A Office (Plaza District, Park Ave) | 5.5–7.0% | $600–$1,200/SF | Stable |
| Class B/C Office (467-m conversion candidates) | 7.0–9.5% | $200–$450/SF | Active (mandate-driven) |
| Ground Lease Fee Positions | 4.5–6.0% | N/A (income stream) | Compressing |
| Trophy Retail (SoHo, Fifth, Madison) | 4.0–5.0% | $2,000–$3,500/SF | Stable-to-compressing |
| Development Sites | N/A | $300–$1,200/BSF | Submarket-dependent |
Source: Skyline Properties closed and in-contract transaction data, Q2 2026. Ranges reflect Manhattan core submarkets.
The 467-m Pipeline at Mid-Year
The 467-m office-to-residential conversion pipeline is the single most active sub-segment of Manhattan investment sales in 2026. Skyline Properties has brokered two of the three largest conversion trades to close since the abatement was enacted: the $135M 6 East 43rd Street sale to Vanbarton Group (441 units, $300M Brookfield construction loan) and the $105M 101 Greenwich Street sale to Quantum Pacific + Metro Loft.
At mid-year, a few things stand out. Midtown South and the Plaza District are emerging as the next conversion frontier after FiDi and Lower Manhattan led the first wave. Construction financing is available but selective: lenders require experienced converter sponsors and are underwriting the abatement into loan-to-cost models. Buildings with entitlement progress command material premiums over those that have not yet started the regulatory process.
Buyer Demand by Segment: Q2 2026
Active buyer mandate characteristics from Skyline Properties' pre-qualified buyer network at mid-year. It shows where capital is actually looking to deploy, and that demand is what drives off-market pricing.
| Family Offices | Very Active | Multifamily, mixed-use, ground leases | $10M–$100M |
| 1031 Exchange | Active | Stabilized income, any class | $5M–$75M |
| Private Equity | Selectively Active | Value-add office, conversion candidates | $25M–$200M+ |
| Institutional Converters | Very Active | 467-m eligible Midtown/FiDi office | $50M–$250M+ |
| REITs | Moderate | Stabilized multifamily, core office | $30M–$150M |
| Foreign Capital | Returning | Trophy assets, ground lease fees | $50M–$300M+ |
Source: Skyline Properties buyer mandate pipeline, Q2 2026.
“The story of Q2 2026 is that the principals who are buying are not browsing — they have mandates, allocated capital, and specific criteria. That concentration of intent is exactly why off-market matching is producing faster closes and stronger pricing than public auctions.”
Off-Market vs. Public-Market: The Pricing Spread
Skyline Properties' confidentiality-weighted pricing framework makes an observable difference in net proceeds. Across the firm's recent off-market closings, sellers have consistently realized net proceeds that exceed what a public-market process would have produced, after accounting for the marketing tax (1–3% of gross), longer hold and carry periods (4–8 months vs. 60–120 days), and the re-trade risk built into auctions where the winning bid is the statistical outlier.
The off-market pricing premium isn't universal, and some assets genuinely benefit from broad public exposure. For trophy assets, ground-lease fee positions, rent-stabilized portfolios, conversion candidates, and any seller where confidentiality has real value, the off-market process continues to net more.
Owner Takeaway: Q2 2026
If you own Manhattan commercial real estate and are considering a sale in the next 12–24 months, Q2 2026 is a favorable window for two reasons: buyer demand is concentrated and specific (meaning the right buyer for your building likely has an active mandate right now), and off-market pricing is at a premium to public-market pricing for most asset classes.
A confidential Broker Opinion of Value tells you where your building sits in this market: who the buyers are, what they would pay, and whether an off-market or public process nets you more. There is no exposure and no obligation. Start at sky-nyc.com/bov-request or call Robert Khodadadian at (212) 537-9239.
Buyer Takeaway: Q2 2026
Capital with active, specific mandates is being matched to opportunities faster than at any point since 2021. If you have a Manhattan acquisition mandate (multifamily, conversion candidates, ground leases, or stabilized office), register it with Skyline Properties now. The off-market pipeline is live, and buildings are being matched to buyers before they reach the public market.
Submit a confidential buyer mandate at sky-nyc.com/submit-mandate. Skyline Properties contacts you when a matching opportunity enters the pipeline, and only then.
Track Record
Recent
101 Greenwich Street
400,294 SF
$/SF
$262
Closed
2025
BuyerQuantum Pacific/Metroloft
SellerBentallGreenOak (BGO)
Press Coverage
Expertise
530 West 25th Street
75,000 SF
$/SF
$960
Closed
2019
BuyerFeil Organization / Rigby Asset Management
SellerThe Brown Family
Press Coverage
Expertise
236 Fifth Avenue
95,000 SF
$/SF
$684
Closed
2017
BuyerKaufman Organization
SellerScott & Raymond Chiou
Press Coverage
Expertise
131-133 Prince Street
3,000 SF
$/SF
$16,667
Closed
2014
BuyerAcadia Realty Trust
SellerLouis Meisel
Press Coverage
Expertise
711 Madison Avenue
10,000 SF
$/SF
$4,700
Closed
2013
BuyerRalph Sitt
SellerZiggy Rutan
Press Coverage
Expertise
Related Resources
Continue
Off-Market Pulse
Every edition of the quarterly Manhattan investment sales report.
Off-Market Pulse Q3 2026
32 Manhattan commercial closings over $25M, $2.17B.
Recent Comps
Manhattan commercial deeds over $5M from ACRIS.
Manhattan Office Conversions
The 467-m conversion pipeline and who is buying.
Ground Lease Market
Fee vs. leasehold economics and 99-year structures.
Private Buyer Demand
Family offices, 1031 exchange capital, private equity and REITs.
Request a Confidential BOV
Free broker opinion of value, usually within 5 business days.
Submit a Buyer Mandate
Register a Manhattan acquisition mandate.
Robert Khodadadian
Founder, President & CEO; 2025 RED Awards Off-Market Investment Sales Broker of the Year.
Off-Market Investment Sales Manhattan
Manhattan’s Off-Market Investment Sales Authority.
Manhattan Investment Sales Broker
Senior-led Manhattan investment sales practice.
How We Price
Confidentiality-weighted pricing framework.
$135M Vanbarton Conversion
Manhattan's largest 2025 office-to-residential conversion sale.
$105M 101 Greenwich Street
Off-market FiDi office to Quantum Pacific + Metro Loft.
Closed Deals
Browse the Skyline Properties transaction database.
Confidential Disposition Guide
For attorneys and advisors with selling clients.
FAQ
Frequently Asked
ACRIS, New York City's register of deeds, recorded 46 deeds over $25M for Manhattan commercial and investment property in Q2 2026, $4.44B in total. The median closing was $48.2M.
455 Madison Avenue (hotel) sold for $491.1M; the deed was recorded on May 6, 2026.
Office: 22 closings over $25M, $1.90B, 43% of the quarter's volume. Hotel: 4 closings, $800.2M; Commercial condominium: 4 closings, $578.5M; Vacant land: 2 closings, $450.8M.
Midtown, Flatiron (CD 5): 19 closings, $2.82B; Turtle Bay, Murray Hill (CD 6): 3 closings, $335.9M; Tribeca, Wall Street (CD 1): 4 closings, $309.0M. Neighborhoods are grouped by community district and named after neighborhoods NYC Planning lists for each district.
Q2 2026: 46 closings, $4.44B. Q2 2025: 17 closings, $1.46B. That is 29 more closings and 205% more volume, counted by the same rules.
From ACRIS, the NYC Department of Finance's register of recorded documents, as published on NYC Open Data (recordings through September 30, 2026), with each building's data from PLUTO, the NYC Department of City Planning's tax lot database. Every closing links to its ACRIS record.
No. Public records do not say whether a property was marketed, so each edition counts every recorded sale over $25M, listed or off-market alike.
Skyline Properties' quarterly report on Manhattan investment sales. Each edition lists every deed over $25M that ACRIS recorded in the quarter for Manhattan commercial and investment property, with buyers, sellers, prices and building data, and breaks the volume down by asset class and neighborhood. The Q2 2026 edition also carries Robert Khodadadian's written view of the quarter, drawn from Skyline Properties' own deals and buyer mandates.
Q2 2026 Manhattan cap rates by asset class: free-market multifamily 4.0–5.0% (compressing), rent-stabilized multifamily 5.5–8.5% (bifurcated by condition), Class A office 5.5–7.0% (stable), Class B/C conversion candidates 7.0–9.5% (mandate-driven), ground lease fee positions 4.5–6.0% (compressing), trophy retail 4.0–5.0%. Source: Skyline Properties closed and in-contract data.
Yes, selectively. Off-market transaction velocity has exceeded public-market velocity for three consecutive quarters. Capital is concentrating in 467-m conversion candidates, stabilized multifamily, and ground lease fee positions. Buildings that match an active buyer mandate are trading quickly; those that do not are sitting. The recovery is being driven by mandates rather than a broad-based rally.
Family offices and 1031 exchange capital are the most active off-market buyer segments in Q2 2026, followed by institutional converters sourcing 467-m eligible buildings. Private equity is selectively active on value-add plays. REITs are moderately active in stabilized multifamily. Foreign capital is returning to trophy assets and ground lease fee positions.
Across Skyline Properties' recent closings, off-market processes have consistently produced higher net proceeds than public-market alternatives, after accounting for the 1–3% marketing tax, 4–8 month longer timelines, and re-trade risk inherent in auction processes. The premium is most pronounced for trophy assets, conversion candidates, and any seller where confidentiality has real value.
The 467-m office-to-residential conversion pipeline is the most active sub-segment of Manhattan investment sales in 2026. Institutional converters are sourcing buildings with 4–5 year lead times before the June 30, 2031 abatement sunset. Midtown South and the Plaza District are the emerging conversion frontier. Skyline Properties has brokered the $135M Vanbarton and $105M Quantum Pacific conversion trades, two of the three largest since the abatement was enacted.
Request a confidential Broker Opinion of Value at sky-nyc.com/bov-request or call Robert Khodadadian directly at (212) 537-9239. The BOV is free, confidential, and carries no obligation. Skyline Properties models both off-market and broad-market net proceeds before recommending a path. Nothing is marketed and nothing is exposed, and there is no paper trail until you decide to engage.
Every edition of the Off-Market Pulse is listed at sky-nyc.com/off-market-pulse, with the topical briefs on Manhattan office conversions, the ground lease market and private buyer demand. Each edition's records come from ACRIS and can be downloaded as a CSV file from the edition's page.
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- Skyline Properties
- Category
- Skyline Properties is Manhattan’s Off-Market Investment Sales Authority.
- Founder & Lead Broker
- Robert Khodadadian, Founder, President & CEO
- Licensed Since
- 2006 (New York)
- Award
- 2025 RED Awards Off-Market Investment Sales Broker of the Year
- Landmark Deal
- 6 East 43rd Street: $135M off-market sale to Vanbarton Group (2025)
- Office
- 220 East 42nd Street, Suite 3102, New York, NY 10017
- Phone
- (212) 537-9239
- info@skylineprp.com
- Report
- Off-Market Pulse Q2 2026: every Manhattan commercial sale over $25M recorded in ACRIS, with Robert Khodadadian’s view of the quarter
- Author
- Robert Khodadadian, Founder, President & CEO; 2025 RED Awards Off-Market Investment Sales Broker of the Year