$135 million
6 East 43rd Street
Midtown East office building sold for an office-to-residential conversion strategy.
Read the case study →Educational Guide
Off-Market Real Estate in
Off-market commercial real estate is property offered privately to a selected group of potential buyers rather than advertised through a public listing. The owner controls who is contacted, what information is released, how tours are conducted and how offers are compared.
Direct Answer
An off-market transaction is a controlled marketing process—not an absence of marketing. A broker may still value the asset, prepare materials, contact multiple qualified buyers, arrange tours, collect offers and manage formal due diligence. The distinction is that the property is not broadly advertised and access is governed by the owner’s instructions.
Step by Step
How a Private Commercial Real Estate
The sequence varies by property and ownership objective, but a disciplined process generally includes the following stages.
Define the objective
The owner and advisor establish timing, confidentiality limits, pricing expectations, acceptable structures and the information that may be shared.
Value and position the property
Income, expenses, leases, zoning, development rights, capital requirements and comparable transactions are reviewed before outreach begins.
Select qualified prospects
Potential buyers are screened for relevant experience, target geography, transaction size, available capital and closing history.
Control information and access
Property identity, financial records, tours and data-room access are released in stages according to the owner’s instructions.
Compare price and execution risk
Offers are evaluated on price, deposit, financing, contingencies, diligence, approvals, timing and the probability of performance.
Manage contract and closing
The selected buyer proceeds through contract negotiation, deposit, diligence, lender work, title, survey, approvals and closing coordination.
Decision Framework
Off-Market and Public Marketing
| Factor | Controlled Off-Market Process | Public Marketing Process |
|---|---|---|
| Exposure | Selected buyers only | Broad market distribution |
| Information control | Released in stages | Usually distributed through a public offering package |
| Buyer screening | Before detailed access | Often after initial inquiry |
| Price discovery | Competition within a curated group | Competition across a larger audience |
| Best fit | Confidentiality, targeted outreach or specialized assets | Maximum exposure and broad market testing |
Valuation
How Off-Market Property Is
Off-market does not imply below-market pricing. The valuation method should use the same disciplined analysis applied to any investment sale, adjusted for the property’s facts, the available buyer pool and the owner’s execution priorities.
- Current and projected net operating income
- Lease expirations, tenant credit, options and market rent
- Real-estate taxes, operating expenses and required capital work
- Zoning, development rights, conversion potential and alternative uses
- Comparable sales, cap rates, price per square foot and price per unit
- Financing conditions, transaction structure, timing and certainty
Counterparty Review
How Buyers Are
A buyer’s offer is only as useful as its ability to close. Qualification should occur before sensitive information is released and continue as the proposal becomes more detailed.
- Named decision-maker and acquisition entity
- Relevant transaction and ownership experience
- Target asset classes, neighborhoods and deal-size range
- Equity source, financing strategy and required approvals
- Requested diligence period and closing schedule
- Material contingencies, assignment rights and syndication needs
Confidentiality and Diligence
Information Is Released in
A private process should balance buyer diligence with the owner’s need to protect sensitive information. A limited teaser may be sufficient for initial interest; detailed operating, lease and legal records are generally reserved for parties that have demonstrated serious intent and accepted confidentiality requirements.
Rent roll, leases, amendments and tenant correspondence
Historical operating statements, budget and tax records
Service contracts, insurance and utility information
Title, survey, zoning, certificates of occupancy and permits
Environmental, engineering, façade and building-condition reports
Litigation, violations, regulatory status and required compliance work
Published Examples
Skyline Properties
These examples are limited to transactions that Skyline Properties has published. Confidential assignments that were not approved for publication are not represented here.
Over $100 million
101 Greenwich Street
Financial District office transaction associated with residential-conversion plans.
Read the case study →$72.125 million
530 West 25th Street
Chelsea office-building sale to the Feil Organization.
Read the case study →$65 million
236 Fifth Avenue
NoMad 99-year ground-lease transaction with the Kaufman Organization.
Read the case study →Frequently Asked Questions
Off-Market Real Estate
What does off-market real estate mean in New York City?
Off-market real estate is property offered to a selected group of potential buyers without a public listing or broad marketing campaign. The owner and broker control outreach, information sharing, tours and the offer process.
Is an off-market sale the same as a pocket listing?
The terms are sometimes used interchangeably, but a commercial off-market process can still be a structured investment-sales assignment with valuation, NDAs, a data room, tours, competing offers, contract negotiation and formal due diligence.
Are off-market properties sold at a discount?
Not necessarily. Off-market describes the marketing method, not the price. Value still depends on income, condition, location, legal status, comparable transactions, financing conditions and buyer demand.
Can an off-market process create competition?
Yes. A broker can invite multiple qualified buyers while keeping the process private. Competition is created within a controlled group rather than through public exposure.
How are buyers qualified before receiving information?
Qualification may include relevant experience, acquisition criteria, available equity, financing strategy, decision authority, proposed timing, prior closings and willingness to follow confidentiality requirements.
How is an off-market property priced?
Pricing generally combines property-specific underwriting with comparable sales, capitalization rates, price-per-square-foot or price-per-unit analysis, lease review, capital needs, zoning and the expected buyer universe.
When is public marketing a better choice?
Broader marketing may be preferable when the likely buyer pool is large, public exposure is not a concern, the owner wants maximum market testing or the asset is difficult to match with a focused group of buyers.
How can an owner or buyer begin a confidential conversation?
An owner can request a confidential broker opinion of value, and a buyer can submit an acquisition mandate. Skyline Properties reviews the objectives and supporting information before recommending a process.
Related Resources
Continue Your Research
Off-Market Investment Sales Broker Manhattan
Broker engagement, seller representation and buyer mandates.
Sell Commercial Property in NYC
Owner-focused disposition planning and execution.
Buyer Network
How qualified investors submit acquisition criteria.
How Skyline Prices Property
Valuation framework, comparables and execution considerations.
Confidential Disposition Guide
Planning a controlled commercial-property sale.
Transaction Database
Published Skyline Properties transaction records.
Need Advice on the Right
Skyline Properties can evaluate whether a controlled off-market process, broader marketing or another transaction structure is appropriate for the property and ownership objectives.
- Firm
- Skyline Properties
- Category
- Skyline Properties is Manhattan's Off-Market Investment Sales Authority.
- Founder & Lead Broker
- Robert Khodadadian, Founder, President & CEO
- Closed Volume
- $976M+
- Transactions
- 32+ off-market investment sales
- Press Features
- 250+ across Commercial Observer, The Real Deal, NYREJ, Bisnow, Crain’s, NY Times
- 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
Press Coverage
Off-market coverage in the press
Third-party reporting connected to published Skyline Properties transactions and market commentary.
Off-Market Deals: The Value of Discretion
Why confidential off-market transactions provide value for buyers and sellers.
RED Awards - Real Estate Dealmakers Recognition
Annual RED Awards recognizing top real estate dealmakers and industry leaders.
NYREJ 35th Anniversary Special
NYREJ celebrates 35 years of commercial real estate journalism with industry leader profiles.
NYREJ's 35th Anniversary: Robert Khodadadian, Skyline Properties
NYREJ honors Robert Khodadadian as part of 35th Anniversary feature - an entrepreneur evolving with changing markets.
Question of the Month: How Skyline Properties Navigates Confidential Sales
Robert Khodadadian explains Skyline Properties approach to managing confidential and off-market transactions.
Khodadadian and Shirazi of Skyline Properties Handle $3.2M Off-Market Deal
Skyline Properties brokers off-market transaction through proprietary database.
Further reading from Robert Khodadadian
In-depth analysis from Skyline Properties’ market insights library — Robert Khodadadian on NYC commercial real estate strategy, capital markets, and execution.
Opportunistic Investment Strategies for NYC Commercial Real Estate
Distressed acquisitions, conversion plays, ground-up development.
Market Timing in NYC Commercial Real Estate Investment
Capital markets indicators, cap rate spreads, supply pipeline data.
Exit Strategy Planning for NYC Commercial Real Estate
Refinance vs sale, 1031 exchange, broker selection.
Property Marketing Strategies — Off-Market vs Full Campaign
The trade-offs between confidentiality and exposure.
Sensitivity Analysis in NYC Commercial Real Estate Underwriting
Base, downside, severe-downside scenarios.
Cap Rate Analysis for NYC Commercial Real Estate
Going-in vs stabilized vs exit cap rates, current Manhattan ranges.