Fairstead, Blackstone Buy Nearly 1,000 Multifamily Units in Manhattan for $690M
NEW YORK — Fairstead Capital and Blackstone Real Estate Partners VIII have purchased a multifamily portfolio containing nearly 1,000 free-market rental units in Manhattan for $690 million.
The acquisition includes 24 mid-rise rental properties situated in the Chelsea and Upper East Side neighborhoods. The new owners plan to upgrade the properties’ common areas. The partners will also add new amenities and carry out a capital improvement plan to renovate the units.
The Caiola Family sold the portfolio. It was previously managed by B&L Management Company, which was founded by Benny Caiola in 1980. Family-owned B&L Management owns, acquires, develops and manages residential and retail properties in New York City and Long Island.
The portfolio buy comes on the heels of Blackstone’s purchase of a shopping mall and parking garage in Queens for $400 million. That sale closed in late June.
New York-based Blackstone currently has about $92 billion in investor capital under management.
Fairstead Capital is a real estate investor and asset manager specializing in New York City multifamily properties. The firm owns and manages $2.3 billion of property, which includes more than 4,750 rental units.