Blackstone pays $690m for NYC apartment portfolio
The Blackstone Group, with its partner Fairstead Capital, has purchased a portfolio of multifamily assets in New York City from Bettina Equities for approximately $690 million.
The portfolio consists of 17 properties, totaling 968 units, in Manhattan. The highest priced and largest asset in the portfolio is the 200-unit apartment complex located at 250 W. 19th St., which sold for $196.7 million.
The acquisition follows Blackstone’s $6 billion acquisition of Strategic Hotels & Resorts. The firm has been very active in U.S. property markets.
On the selling side, Blackstone sold five office properties in Tampa, Fla., for $111 million to Prudential Insurance.
And the firm has exchanged ownership of several assets with Columbia Property Trust. Columbia purchased the o