Newmark Group has represented GO Residential Real Estate Investment Trust (GO REIT) in the sale of a significant stake in 265 E. 66th St., a luxury high-rise multifamily property located in Manhattan’s Upper East Side.
Newmark 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 during the past five years, according to the release.
265 E. 66th St., 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. After the transaction, GO REIT will maintain its role as property manager.
The sale 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.
