Aimco, the Apartment Investment and Management Company, has fully withdrawn from the New York real estate market. The company's final assets in the metropolis, located at 165-173 East 90th Street between Lexington and Third Avenues, were sold for $22.85 million according to city records. The buyer of this row of properties is ABJ Properties, a company led by Ben and Joseph Soleimani.
The transaction, which was recently concluded, marks the end of Aimco's involvement in one of the world's most competitive markets. Aimco had already begun reducing its holdings in New York City in 2013. At that time, the company sold 10 out of 11 apartment buildings to the Carlyle Group for a total of $150 million.
The sale of these final properties reflects a strategic realignment by Aimco, which is apparently focusing on other markets. The move comes at a time when many large investors are re-evaluating their portfolios and divesting from certain markets or asset classes in favour of others.
The properties now acquired by ABJ Properties comprise a series of townhouses, typical of the Upper East Side. These types of properties, often with historical value and in desirable locations, continue to attract private and institutional capital, despite market challenges.
For ABJ Properties, this acquisition represents a significant expansion of its portfolio and underscores its confidence in the long-term value of real estate in prime New York locations. The firm is known for its investments in residential and commercial properties in the region and is expected to undertake modernisations or reorganisations of the acquired properties.
- —Transaction Volume: $22.85 million
- —Seller: Aimco (Apartment Investment and Management Company)
- —Buyer: ABJ Properties (Ben and Joseph Soleimani)
- —Address: 165-173 East 90th Street, New York City
Aimco's history of sales in New York City shows a clear trend towards consolidation and divestment. The complete abandonment of the New York market by such a large company is noteworthy and sends a signal about the company's future strategy to focus on core markets that may offer better return prospects or less operational complexity.
