On March 17, SL Green Realty agreed to sell the residential and retail components of 7 Dey Street in Manhattan's Financial District to GO Residential Real Estate Investment Trust for $222.6 million — shedding yet another non-office asset as it relentlessly narrows its focus to Midtown commercial. Simultaneously, GO struck a deal to acquire an 81 percent managing interest in 409 Eastern Parkway, a 186-unit luxury rental in Crown Heights, Brooklyn, from Adam America Real Estate's Omri Sachs, valuing that stake at $217 million. The two transactions, totaling $440 million, close out a nine-month acquisition run that has now pushed GO Residential's deployed or committed capital well past $1.1 billion since its Toronto Stock Exchange debut last June.
The financing structure across the two deals is worth parsing. GO will assume roughly $66.6 million in existing mortgage debt tied to the Eastern Parkway property, layer on approximately $150 million in new mortgage financing against Dey Street, and potentially issue up to $223 million in REIT units — a combination that keeps the equity check manageable while stretching leverage across a growing asset base. The REIT's willingness to issue units as acquisition currency is a standard REIT playbook move, but it signals Gotlib and Orbach are confident enough in their unit price to deploy paper rather than exhaust cash reserves at this stage of the platform's growth.
SL Green's decision to retain only the roughly 26,000-square-foot office component at 7 Dey Street is a clean illustration of where that company's capital allocation priorities sit. SL Green ended 2025 with an occupancy rate above 93 percent across its core Midtown office portfolio, per the company's most recent disclosures, and has been systematically pruning mixed-use and residential exposure. JLL's Drew Isaacson and Rob Hinckley brokered the sale on SL Green's behalf; David Ash of Prince Realty Advisors represented GO. The deal is expected to close in the second quarter.
On the Brooklyn side, Adam America retains a 19 percent stake in 409 Eastern Parkway, a building it completed in 2018. That residual interest is not incidental — it preserves Sachs' alignment in a stabilized asset while monetizing the controlling position at what appears to be a full price. At $217 million for an 81 percent interest, the implied total valuation for the 186-unit building lands near $268 million, or roughly $1.44 million per unit. For a Crown Heights luxury rental, that per-unit figure sits at the upper end of Brooklyn multifamily comparable sales and reflects how aggressively institutional capital has repriced well-located outer-borough product since 2023.
GO Residential's acquisition velocity is the more consequential story. The REIT launched in June 2025 on the TSX with a $2.7 billion seed portfolio of more than 2,000 Manhattan apartments, anchored by the American Copper Buildings — now rebranded Copper Apartments — which Gotlib and Orbach purchased in 2022 for $837 million. Within weeks of going public, the REIT was already adding to that base. Over the summer of 2025, it acquired RXR's preferred equity positions in One East River Place and Sutton Place North for $339.5 million, according to prior reporting by The Real Deal. In February 2026, GO agreed to purchase three additional Manhattan multifamily properties for $380.5 million. The Dey Street and Eastern Parkway deals bring the post-IPO acquisition total to roughly $1.16 billion across five discrete transactions in less than ten months.
That pace raises a legitimate question about balance sheet capacity. The REIT has now signaled it will finance growth through a layered mix of assumed debt, fresh mortgage proceeds, and equity issuance — a capital structure that functions efficiently in a stable rate environment but compresses margin for error if borrowing costs widen or lease-up assumptions on newer assets soften. The Eastern Parkway property's $66.6 million of existing debt implies a loan-to-value on that legacy financing well below current market norms, providing some cushion. The $150 million in new debt against Dey Street, however, will price into today's SOFR-plus market, and lenders will scrutinize the mixed-use collateral — residential and retail without the office anchor — with appropriate care.
The retail component at 7 Dey Street deserves its own footnote. Financial District retail has remained a stubborn underperformer relative to the neighborhood's residential revival; vacancy rates along the Fulton Street corridor have lingered in the mid-teens, per CBRE's most recent Manhattan retail reports. GO is acquiring that retail exposure as part of a larger residential thesis, which is defensible, but investors should not underwrite the ground-floor space at stabilized assumptions without scrutinizing current tenant rosters and lease terms.
What Gotlib and Orbach have constructed in under a year is a New York City multifamily platform of genuine institutional scale — one that, if the TSX listing attracts sufficient Canadian pension and retail capital, could compete directly with the domestic apartment REITs that have historically dominated Manhattan's upper-tier rental market. The February three-property Manhattan deal, the RXR preferred equity buy, and now these two transactions suggest a deliberate strategy of acquiring from motivated or repositioning sellers — SL Green shedding non-office, RXR monetizing preferred positions, Adam America crystalizing a development profit — rather than fighting for assets in open auction.
Seven Dey Street is where this particular chapter started: a $222.6 million bet that the Financial District's residential conversion wave still has legs, placed by a REIT that didn't exist twelve months ago. If GO Residential closes both deals on schedule in the second quarter, its New York portfolio will span Manhattan high-rises, a Brooklyn luxury rental, and a slice of FiDi mixed-use — a footprint that will test whether Gotlib and Orbach's operational infrastructure has scaled as fast as their deal sheet.