Aimco Sells Two Chelsea Properties for $47M in Last Stretch of Portfolio Liquidation
By Emily Davis April 24, 2026 3:41 pm
reprints
Apartment Investment and Management Company, better known as Aimco, has sold two of its three remaining New York City assets, Commercial Observer has learned.
After announcing in February that it would sell all of its assets and dissolve the company, the Denver-based multifamily owner and operator is proceeding with the swift liquidation of its entire U.S. portfolio.
Aimco’s mixed-use properties at 120 West 23rd Street and 237-239 Ninth Avenue, both located near each other in Chelsea, have sold together for $46.5 million, according to a source with knowledge of the deal. The buyer was residential real estate owner and operator Hubb NYC. Traded first reported the deal.
Aimco purchased 237-239 Ninth Avenue in 2005 and 120 West 23rd Street in 2012 for a total of $48 million, according to city records.
The 15-story apartment building at 120 West 23rd Street sits around the corner from Avenue of the Americas. It includes 42 market-rate apartments and two commercial units. Three blocks west sits two adjacent five-story apartment buildings at 237-239 Ninth Avenue, between West 24th and West 25th streets. The two buildings contain 36 apartments, a small number of which are rent-stabilized, and four commercial units.
Newmark’s Adam Doneger, Dan O’Brien, Eric Roth and Tyler Signora represented Aimco in the sale, while it’s unclear who repped buyer Hubb NYC.
Aimco stockholders approved a plan for the sale and liquidation of the company’s 12 remaining U.S. assets in February of this year. The vote followed a yearlong strategic review by the company, which has been steadily offloading its U.S. assets for some time now.
The company’s third and final New York property, made up of five Upper East Side apartment buildings at 165-173 East 90th Street, is currently in contract to sell.
Once completed, Aimco’s entire Manhattan multifamily portfolio will be absorbed. It may also represent the company’s final asset altogether, according to a source familiar with the deal.
Newmark declined to comment on the transaction, while spokespeople for Hubb NYC and Aimco could not be reached for comment.
Hubb NYC seems to be busy buying multifamily properties in New York City lately. The firm acquired the 70-unit residential building at 599 Baltic Street in Gowanus, Brooklyn, from Adam America for $40 million in December, as CO previously reported.
Emily Davis can be reached at edavis@commercialobserver.com.
