Newmark Group, Inc., a leading commercial real estate advisor and service provider to global corporations, institutional investors and owners and occupiers, announced the company has represented GO Residential Real Estate Investment Trust (GO REIT) in the sale of a significant stake in 265 East 66th Street, a luxury high-rise multifamily property located in Manhattan’s Upper East Side.
Newmark Co-Head of U.S. Capital Markets Adam Spies and Executive Vice Chairman Adam Doneger arranged the off-market transaction, which values the asset at approximately $1.35 million per unit, the third-highest rate paid for a multifamily property of 100 units or more over the past five years.
265 East 66th Street, constructed in the 1980s and managed by a subsidiary of GO REIT, is emblematic of the luxury high-rise segment that continues to attract institutional capital. Following the transaction, GO REIT will maintain its role as property manager.
The sale further affirms the underlying value of GO REIT’s broader portfolio, which includes more than 2,000 suites in newer-vintage luxury high-rise properties across comparable New York City locations.
