New year, new strategy for New York City REIT. The office landlord is expanding its business beyond the city and changing its status from a real estate investment trust to a taxable C corporation. The trust, which is part of a web of companies founded by Nicholas Schorsch, boasts 1.2 million square feet of office space in its portfolio, according to Crain’s, but its vacancy rate is a troublesome 30 percent. The company was down
New year, new strategy for New York City REIT. The office landlord is expanding its business beyond the city and changing its status from a real estate investment trust to a taxable C corporation. The trust, which is part of a web of companies founded by Nicholas Schorsch, boasts 1.2 million square feet of office space in its portfolio, according to Crain’s, but its vacancy rate is a troublesome 30 percent. The company was down
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Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
