Aimco, the Denver-based Apartment Investment and Management Company, has sold two of its last three New York City properties, marking a significant step in its ongoing portfolio liquidation. The company parted with the Chelsea buildings at 120 West 23rd Street and 237-239 Ninth Avenue for a combined $47 million, according to Commercial Observer sources.

This move follows Aimco’s February announcement that it would divest all its multifamily assets and dissolve the company entirely. The Chelsea sales are part of a rapid effort to exit the New York market, where Aimco once held a notable footprint in Manhattan’s residential sector.

Situated in the heart of Chelsea, these properties are located in one of Manhattan’s most sought-after neighborhoods, known for its vibrant art scene, historic architecture, and proximity to the High Line park. The sale closes a chapter on Aimco’s presence in a district that has seen considerable real estate activity amid shifting residential demand.

With only one NYC asset remaining, the company appears focused on accelerating its exit strategy. Market observers note that Aimco’s liquidation reflects broader trends of institutional investors reevaluating urban residential holdings in favor of other asset classes.

The buyers of these Chelsea properties have not been publicly disclosed, but the transaction underscores the continued appeal of prime Manhattan real estate despite economic uncertainties. For Chelsea, this sale may signal further changes ahead as new owners bring their own strategies to these storied buildings.

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