GO Partners Sells Minority Stake in Luxury Upper East Side High-Rise
Toronto-based GO Partners has sold a 45% stake in 265 E. 66th St. and 20 nearby townhouses in Manhattan’s Upper East Side neighborhood to RXR. The deal values the rental properties at approximately $435 million.
GO Partners will maintain majority ownership and GO REIT will continue managing the 1980s-vintage luxury high-rise at 265 E. 66th. “This transaction is indicative of the institutional demand for LHR assets located in the borough of Manhattan and the longer-term outlook of this market,” said Meyer Orbach, chair of the board of trustees of GO REIT. “Despite this clear signal from the market, GO REIT continues to trade at a significant discount to its intrinsic value.”
Newmark’s Adam Spies and Adam Doneger brokered the minority stake sale to RXR. GO Partners paid $425 million for the 295-unit rental and the townhouses in 2023, closing the final portion of a large multifamily transaction with Stefan Soloviev
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout