Sky House (11 East 29th Street)
Sky House (11 East 29th) is a Defensive / Yield-Oriented asset that has significantly underperformed the broader NYC market in capital appreciation since 2008. Post-sponsor analysis reveals that while the building commands respectable nominal rents ($80/SF), it suffers from severe income leakage due to extended vacancy periods on larger units. 1-Bedroom units offer fair liquidity and inflation-matching growth, but the 2-Bedroom "A" lines are capital traps—showing flat resale values over 15-year holds. Buy strictly for cash flow on smaller units; avoid looking for growth here.
