Transactions - AUGUST 25, 2016

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Blackstone Group pays $620m for NYC apartment complex

by Andrea Waitrovich

The Blackstone Group has paid $620 million for the 894-unit Kips Bay Court rental complex in New York City. An official statement has not been released.

The seller was the affordable housing developer Phipps Houses.

Section 8 tenants occupy 40 percent of the units in Kips Bay Court.

The Kips Bay Court purchase would be the second multifamily acquisition made through Blackstone’s open-end fund, Blackstone Property Partners, according to Bloomberg.

The acquisition would represent one of the largest multifamily transactions in New York City in 2016. Other high-priced acquisitions were Fairstead Capital’s $315 million purchase of Savoy Park in July, Rockpoint Group’s purchase of 63 and 67 Wall St. for $430 million and Isaac Kassirer’s acquisition of the Dawnay Day portfolio for more than $350 million.

In 2015, Blackstone acquired the Stuyvesant Town-Peter Cooper Village with Ivanhoe Cambridge for $5.3 billion and

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