Aimco Liquidates Last of Its NYC Portfolio in $23M Sale

Apartment Investment and Management Company, also known as Aimco, is officially out of New York City. 

The last of the company’s Big Apple assets, located at 165-173 East 90th Street between Lexington and Third avenues, sold for $22.85 million last week, according to city records. Ben and Joseph Soleimani’s ABJ Properties purchased the row of five Upper East Side walk-ups through the entity Solkam 90 Holdings. 

The sale involves among the last, if not the final, assets in Aimco’s property collection, according to a source familiar with the deal. Stockholders of the Denver-based multifamily owner and operator in February approved a plan to sell Aimco’s 12 remaining U.S. assets and dissolve the company. The vote followed a yearlong strategic review by Aimco, which has been steadily offloading its U.S. properties for some time.

A swift liquidation process followed the February decision, including the $47 million sale of two Chelsea apartment properties to Hubb NYC in April.

Newmark’s Adam Doneger, Dan O’Brien, Eric Roth and Tyler Signora represented Aimco in the East 90th Street transaction, as well as the previous Chelsea sales. It is unclear whether ABJ worked with any outside brokers.

The series of four- and five-story apartment buildings span approximately 40,927 square feet in total and encompass 72 units, according to the New York City Department of Finance. Aimco purchased the row of residences in 2004 for $14.5 million. 

Representatives for Aimco and ABJ did not respond to requests for comment.

Emily Davis can be reached at edavis@commercialobserver.com.