Who is the Largest Landlord in Manhattan?
Equity Residential is one of the city’s leading multifamily landlords, with more than 7,000 apartments under its management, low vacancy rates, and an expansive list of amenities. According to brokers, they provide excellent rental opportunities.
Vornado Realty Trust follows with over 30 million square feet. Their portfolio boasts various prestigious NYC addresses, including 666 Fifth Avenue, One and Two Penn Plaza, and 220 Central Park South.
Blackstone Group continues to hold onto the title of Manhattan’s largest landlord. This private equity firm holds an extensive commercial real estate portfolio, such as the Brookfield Place complex in Downtown Manhattan. Furthermore, they own numerous residential properties like Stuy Town/Peter Cooper Village complex.
Vornado Realty Trust, with offices based in Maryland, owns over 33 buildings and parcels across Manhattan, including landmark office properties such as Americas Tower and 30 Park Place.
Third is TF Cornerstone, the developer of the exclusive Flatiron District; fourth is Equity Residential, owner of many luxury apartment developments throughout New York City. Both companies boast low vacancy rates; Equity has a pet-friendly policy accepting dogs up to 50 pounds as residents.
Rounding out the top 10 is The Brodsky Organization, owner of West End Towers in Lincoln Square: two buildings housing 1,000 apartments comprising studio, one-, and three-bedroom units. American Copper is known for their affordable housing components; 20% of its buildings offer income-restricted rentals. According to Yardi Matrix data, New York City Housing Authority comes in sixth with 89 communities of entirely affordable apartments.
SL Green Realty
SL Green Realty is Manhattan’s largest landlord, with 33.1 million square feet under ownership, spanning street retail, office buildings, and multifamily properties. Their portfolio boasts above-average occupancy rates and rent-per-square-foot rates, as well as tenants with firm credit profiles.
SL Green began by purchasing Class B office buildings and renovating them to attract modern tenants, and this strategy proved fruitful: today, SL Green owns over 70 buildings and parcels across NYC; their most notable upcoming project is One Vanderbilt which will rise next to Grand Central Terminal.
Vornado Realty Trust and Durst Organization are the city’s major commercial real estate landlords, owning approximately 20 million square feet in Manhattan. New York City Housing Authority ranks third, with its 89 communities comprising 55,000 entirely affordable units – all owned by it.
The Real Deal recently published its list of New York City’s five most prominent rental apartment landlords based on public documents. Together they accounted for more than half of all rental units within city limits and are collectively valued at more than $2 billion; A&E Realty Holdings holds more than 2,000 rent-regulated apartments alone in New York.
Brookfield Property Partners
Brookfield Property Partners is a real estate investment company and one of the largest landlords in Manhattan. The company owns and manages commercial, office, and residential properties around the globe from its New York City base – such as several high-rise office buildings, retail centers, and warehouses for online retail giant Amazon.
Brian Kingston, Michael Bosso, and Danielle Brody comprise the company’s executive management team. Furthermore, its human resources department is led by Lisa Jenkins, Frankie Morrow, and Kirk Donoho, and employees receive competitive wages and benefits packages.
Additionally, the company boasts a strong balance sheet. In September alone, two financings totaling $2.2 billion were completed, and these funds will be used to repay debt and fund development projects.
Brookfield Property Partners recently completed the first phase of its Stamford Urby development in Connecticut. The complex will eventually contain 176 rental apartments designed by international architecture firm Concrete Amsterdam.
Brookfield announced its plans to develop a mixed-use project in the Bronx that will feature apartments, retail, and community facilities in October. It’s anticipated to create over 1,350 jobs during its construction, and over half of its units will be affordable housing.
New York City Housing Authority
The New York City Housing Authority owns over 1.5 million units and is the city’s primary landlord. It’s widely known for its affordable housing programs that utilize an online lottery system to select apartments suited to individuals based on their specific needs.
New York City Housing Authority, founded in 1948 and owned by the city since 1999, is an enduring component of Manhattan real estate. Their portfolio features the Stuyvesant Town-Peter Cooper Village complex and other apartment buildings across the Manhattan borough. Furthermore, they own the Rocco Flats development in Queens and West Side Yards in Brooklyn for added diversification.
American Copper is another prominent landlord led by Michael Gotlib. With more than 500 apartment complexes across California under its Article XI program – offering tax incentives to owners providing affordable units – American Copper’s portfolio contains about 20 percent income-restricted apartments.
Related Companies is another notable player, known for almost singlehandedly creating the Hudson Yards megaproject and owning approximately 18.7 million square feet. Related also developed High Line-hugging condominiums at 70 Vestry and Hudson Residences and one Vanderbilt.