Newmark Group, Inc. facilitated the off‑market sale of a significant stake in 265 East 66th Street, a 321‑unit luxury high‑rise on Manhattan’s Upper East Side, to RXR Realty. The transaction values the stake at roughly $1.35 million per unit, the third‑highest per‑unit price paid for a multifamily property with 100 units or more over the past five years. The sale is part of RXR’s acquisition of a 45 percent interest in a portfolio that includes 265 East 66th Street, and RXR assumed $150 million of the portfolio’s debt as part of the deal.
The per‑unit valuation underscores the resilience of the NYC luxury multifamily market, where demand for high‑end residential assets remains strong despite broader economic uncertainty. Newmark’s role as the transaction advisor highlights its continued strength in capital‑markets advisory, reinforcing its reputation for securing premium valuations for institutional investors. GO Residential Real Estate Investment Trust, the seller, will retain property‑management responsibilities, allowing it to focus on portfolio growth while maintaining operational control of the building.
The stake sale follows a 2023 full‑property transaction that saw 265 East 66th Street sold for $419.5 million—$1.306 million per unit—by Solow Building Company to GO Partners. The new stake sale demonstrates the ongoing liquidity and investor interest in the building, and the fact that RXR is willing to acquire a sizable portion of the portfolio signals confidence in the long‑term value of the asset. The transaction also reflects Newmark’s ability to navigate complex ownership structures and deliver value to both sellers and buyers in a competitive market.
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