Aimco has exited New York City entirely with its final property sale. The Denver-based apartment operator sold 165-173 East 90th Street on the Upper East Side for $22.85 million to ABJ Properties, a firm controlled by Ben and Joseph Soleimani.
The sale completes Aimco's retreat from the city's rental market. The company once held a substantial portfolio across New York but has systematically divested over recent years as it refocused operations on other markets.
The Upper East Side location sits between Lexington and Third avenues in a prime neighborhood. ABJ Properties, the buyer, operates primarily in New York real estate acquisitions and management. The exact unit count and current rent roll remain unreleased, though city records confirm the $22.85 million transaction closed last week.
For sellers, Aimco's exit signals confidence from private operators in Manhattan multifamily assets despite ongoing market pressures. The pricing reflects investor appetite for stabilized Upper East Side buildings, though values remain below pre-pandemic peaks in many segments.
Landlords remaining in the market should note that institutional capital is actively trading assets at lower multiples than three years ago. Rental building sales in Manhattan averaged lower cap rates this year compared to 2023, but purchase prices per unit have compressed as interest rates stabilized.
Tenants in the sold building face potential operational shifts. ABJ Properties manages properties with varying tenant policies. Previous Aimco residents experienced corporate-style lease administration, while new owners may bring different maintenance standards and rent increase strategies.
Buyers seeking stabilized multifamily in prime Manhattan neighborhoods still face competition, but inventory has increased modestly. The Upper East Side continues attracting institutional and local investors seeking long-term cash flow from rent-regulated and market-rate units mixed together.
The deal removes one of the last major institutional