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Longtime owner Algin Management sold three multifamily properties for about $107,000 per unit, a source said. The buyer is Benedict Realty Group, a real estate investment and property management firm based in Great Neck.

As an active commercial real estate broker in Manhattan, I’ve witnessed firsthand how this trend is transforming urban landscapes. But not every building is a good candidate for such conversions. So, what makes a building ideal for this type of transformation?

The Kaufman Organization continues to expand in Midtown South after closing on a $34.5 million ground lease at the Haymarket Building. The organization signed a 99-year ground lease with MFM Properties for the 12-story office building at 135 West 29th Street, the Commercial Observer reported.

Skyline Properties – Brokering outside the box: Off-market deals, ground leases and customized canvassing

Earlier this year Skyline Properties also completed the following off-market transactions: an affordable housing property located at 246 West 116 th St. for $6.3 million and a mixed-use property located at 165-167 Eldridge St. for $19.275 million.

The Kaufman Organization closed on a newly formed ground lease at The Haymarket Building in Manhattan’s NoMad, valued at $34.5 million, Commercial Observer has learned.

The Feil Organization is buying an office building in Chelsea that is home to several art galleries for about $72 million, according to sources familiar with the deal. The property is located at 530 West 25th Street between 10th and 11th avenues and spans 95,000 square feet across seven stories. The Feil Organization partnered on the purchase with Peter Armstrong of Rigby Asset Management.

Ui Kun Lee of the Lee family based in Manhattan through the entity Main 15-Lee Springfield LLC paid $32 million to Alfredo Li through the entity Mandarin Realty NY LLC for the retail strip mall (K1) at 61-01 Springfield Boulevard in Oakland Gardens, Queens.

Resurgence of the Ground Lease: Q&A With Skyline Properties CEO Robert Khodadadian - The Commercial Observer

40,000-square-foot shopping center for 40 years. Built in 1949, the single-floor shopping center’s tenants include Subway, UPS, Walgreens, and Chase. The property also has a 100-space parking lot.

Sister act: Kaufman inking ground lease for NoMad office building The Real Deal Skyline Properties Robert Khodadadian Daniel Shirazi

industrial site in Hunts Point from a Long Island company. The sites were last purchased for about $2.3 million in 2003, according to property records. The lots total 55,000 square feet and allow for 110,000 square feet of buildable space.

One of the biggest “deal killers” during ground lease negotiations circles around the issue of whether or not to include a rent reset in the ground lease. In general, rent resets are used to protect the landlord (lessor) from inflation which in turn can increase future ground rent paid by the ground tenant (lessee). As a consequence, the lessee is reluctant to accept a rent reset whereby “killing the deal.” However, crafting language to protect both the landlord and tenant can help keep the deal

Wildflower bought the adjacent properties at 1340 Lafayette Ave., 749 Whittier St. and 745 Whittier St. in Hunts Point from a Long Island-based limited liability company, which had bought the sites for about $2.3 million in 2003, according to sources and property records. The lots span 55,000 square feet and include 110,000 buildable square feet.

Acadia Closes $50M Buy of Soho Retail Co-ops Commercial Observer Robert Khodadadian Skyline Properties

The New York Real Estate Journal caught up with Robert Khodadadian, Skyline Properties’ founder, and CEO, for an overview on why the current market conditions have led to the recent resurgence of ground leasing in the city.

This six-story apartment building in the Clinton Hill neighborhood was built in 1939. It has seven one-bedroom units, eight two-bedrooms, 21 three-bedrooms and four four-bedrooms, as well as 16 parking spaces. The building last changed hands in 2012.

As a Manhattan-based commercial real estate broker at Skyline Properties, I've been closely involved in observing the surprising turnaround in New York City's real estate market following the COVID-19 pandemic. When initial projections suggested a recovery by 2025, the city defied expectations, rebounding ahead of schedule, fueled by robust job growth and a resurgence in population.

Kaufman Expands Midtown Manhattan Portfolio Commercial Property Executive Skyline Properties Robert Khodadadian Daniel Shirazi

The commercial building, at 135 W. 29th St., stands 12 stories tall and spans 82,000 square feet. It is about 70% occupied, with roughly 25,000 square feet of space available for lease, according to the Kaufman Organization. The company plans to renovate and reposition the building, which it acquired from MFM Properties.

Ones to Watch Fall 2022: Stephen Alcala, Skyline Properties

Despite persistent hurdles, office spaces retain their relevance. According to Moody’s Analytics, the national office vacancy rate soared to 19.2% in Q3 of 2023, edging closer to historical peaks. Yet, not all office spaces face obsolescence.

Four-building St. Mark’s Place multifamily portfolio under contract for $44M The Real Deal Robert Khodadadian Skyline Properties

Manhattan, often seen as a barometer for NYC’s real estate health, saw a 12.8% decline in investment sales.

Executive of the Month Robert Khodadadian of Skyline Properties: An Entrepreneur Evolving with Changing Markets, Providing Optimal Results

For landlords, the playbook had long been simple and lucrative: buy run-down buildings that are, in New York lingo, rent-stabilized, fix them up, pass along the expense to tenants by raising rents, cash out and repeat. Once rents approached $2,800 a month, owners could charge what the market would bear, turning the apartments into potential gold mines.

Tenant inks 99-year ground lease for Bargain World spot The Real Deal Skyline Properties Robert Khodadadian

In the second quarter of 2024, the commercial real estate (CRE) market displayed encouraging signs of recovery.

Question of the Month: Concerning ground leases: How should landlords handle picking the ground tenant for their property? New York Real Estate Journal Skyline Properties, Daniel Shirazi

Consider these questions when vetting prospective ground tenants - by Robert Khodadadian

Year in Review 2018: Robert Khodadadian, Skyline Properties - Since inception Skyline Properties has prided itself on strictly off-market deals and our ability to efficiently and effectively customize canvass for our clients. For Skyline, 2018 was the year that we honed the customized canvassing tools we have developed which enabled us to close successful transactions for our clients, which in turn created an organic expansion of our Investment Sales Team.

Skyline Properties announced the hiring of three new executives. Real Estate Weekly Who's News

Most memorable “15 minutes of fame” in NYREJ: Definitely July 28, 2014 being nominated as NYREJ’s “Executive of the Month” and dedicating it to my father who had just recently passed away. “Executive of the Month Robert Khodadadian of Skyline Properties: An entrepreneur evolving with changing markets, providing optimal results”

Robert Khodadadian Strikes Out On His Own Again The Real Deal Skyline Properties

What year did you discover the NYREJ and how has been a benefit to you and/or your business? I was first made aware of NYREJ when their publishing director, Kristine Wolf reached out to me in 2013 to congratulate me on opening Skyline and to inform me that she was on our new company website and noticed a typo on the word “syndication.”

$wells Take Bowery New York Post Robert Khodadadian

Ground leases 101: Creativity is required New York Real Estate Journal Skyline Properties Daniel Shirazi

72-76 Greene Street Sells for $41.5 M Globe St. Robert Khodadadian

Skyline Properties Issues Mission Statement Real Estate Weekly Skyline Properties Robert Khodadadian

Acadia snaps up 210 Bowery The Real Deal Robert Khodadadian

Nonprofit Sells Midtown Properties to Moin, John K. Rapp for $18M The Real Deal Skyline Properties Robert Khodadadian

Robert Khodadadian Brokers $2.5 Million Sale New York Real Estate Journal

Rainmaker Robert Khodadadian Aiming to be His Own Headline Act Real Estate Weekly

Two Five-Story Walk-Ups at 521-523 E 12th St. Sell for $10M New York Real Estate Journal Robert Khodadadian

Shirazi joins Skyline Properties as senior director of sales New York Real Estate Journal Daniel Shirazi

ML7 buys commercial space at Tribeca condo building for $18M The Real Deal Robert Khodadadian Skyline Properties

Hidrock Realty to Build a 150,000SF, 33-Story Building New York Real Estate Journal Robert Khodadadian

CB Developers to pay $25M for site next to Murray Hill project The Real Deal