- RXR acquired a 45% stake in a luxury Manhattan apartment building and 20 townhomes on the Upper East Side.
- The deal values the properties, including 265 E. 66th St., at approximately $435M.
- GO Partners retains majority ownership, while Newmark Group brokered the transaction.
- Monthly rents at 265 E. 66th St. range from $6,100 to $12,750, reflecting strong demand for luxury rentals.
Luxury Rentals Deal Closes
According to Bloomberg, RXR Realty has invested in Upper East Side luxury rentals, acquiring significant stakes in prominent residential assets. Specifically, the company bought about 45% of the 295-unit apartment building at 265 E. 66th St., along with 20 surrounding townhomes.
Overall, the transaction places a $435M valuation on these rental properties and was brokered by Newmark Group’s team, led by Adam Spies and Adam Doneger. Meanwhile, GO Partners continues to hold a majority stake in the buildings.
Investor Activity Remains Strong
The Upper East Side luxury rentals segment continues to draw investor attention amid tight housing supply and elevated rents in Manhattan. That demand has sparked a wave of recent activity from institutional investors, who continue to expand their footprints in the area’s high-end rental market. Listings at 265 E. 66th St. show one-bedroom units starting at $6,100 per month, rising up to $12,750 for three-bedroom apartments.
Ongoing Strategic Partnerships
RXR and GO Partners have collaborated on multiple Manhattan multifamily deals. Last year, RXR joined a recapitalization effort at a GO-owned building on 685 First Ave., in addition to previous joint acquisitions of Soloviev Group properties. The new investment signals both firms’ sustained interest in Upper East Side luxury rentals.
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