SEPTEMBER 11, 2015

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Blackstone JV pays $690m for Manhattan residential portfolio

by Andrea Waitrovich

Fairstead Capital has announced the acquisition of a free-market rental-housing portfolio in Manhattan in partnership with Blackstone Real Estate Partners VIII for $690 million. The residential portfolio was sold by the Caiola family.

The portfolio, which was previously managed by B&L Management Co., is made up of 24 mid-rise rental properties totaling 997 units, located in and around the Chelsea and Upper East Side neighborhoods.

The Fairstead/Blackstone venture’s plans for the portfolio include upgrades to the common spaces, addition of new amenities and the execution of a capital improvement plan to renovate units.

Recently, Blackstone Real Estate Partners VIII agreed to acquire Strategic Hotels & Resorts for $6 billion. And the firm acquired a 49 percent interest in the M

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?