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.

The Real DealTransactionFeaturedVerified

Benedict Buys Three Queens Rental Buildings for $47M

October 25, 202440-40 79th Street, Queens

Benedict Realty Group acquires three Queens multifamily buildings including 40-40 79th Street from Algin Management for $46.5M.

$46.5M

Sale Price

176,480 SF

Square Feet

2024

Year

Multifamily

Asset Type

40-40 79th Street - Multifamily Elevatored | Buyer: Benedict Realty Group

Read the Full Article on The Real Deal

This article was originally published by The Real Deal on October 25, 2024. Click below to read the complete coverage of this transaction story.

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Transaction Details: 40-40 79th Street

Address40-40 79th Street

Sale Price$46.5M

Square Footage176,480 SF

Asset TypeMultifamily

Deal TypeInvestment Sale

Year2024

BuyerBenedict Realty Group

SellerAlgin Management

LocationQueens, NY

Price/SF$263/SF

Part of three-building Queens multifamily portfolio. The Martinique building.

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$976M+ in closed deals

99-Year Ground Leases

Multigenerational wealth

Office Conversions

421-a tax abatement

Robert Khodadadian

CEO & Founder

About Skyline Properties

Manhattan's premier commercial real estate brokerage specializing in off-market investment sales, 99-year ground leases, and office-to-residential conversions.

Total Volume$976M+

Transactions32+

Press Features250+

Founded2006

About Us

Robert Khodadadian

CEO & Founder

New York's leading off-market investment sales specialist with over $976M in transaction volume. Expert in ground leases and office conversions.

Full Bio

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Speak with Robert Khodadadian about an off-market sale, 99-year ground lease strategy, or office-to-residential conversion thesis.

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Benedict Buys Three Queens Rental Buildings for $47M

Read the Full Article on The Real Deal

Transaction Details: 40-40 79th Street

More Coverage of 40-40 79th Street

40-40 79th Street, Queens - $46.5M Multifamily Sale

40-40 79th Street - Crexi Comp Page

40-40 79th Street - Queens Multifamily Comp

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