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Blackstone, Fairstead sell 18-story Kips Bay rental for $52M

People & Companies / Latest News

United States of America

Feb 22 2017

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Mark Maurer, The Real Deal

Blackstone Group and Fairstead Capital quietly sold an 18-story Kips Bay rental building to Adam and Aaron Daniels’ A.D. Real Estate Investors for $52 million, sources told The Real Deal.

Since the firms paid $690 million for the Caiola family’s 24-building Manhattan multifamily portfolio in 2015, they have quietly looked to sell at least a few of the properties, despite frequently touting their multifamily investments as long-term plays.

Blackstone and Fairstead made the first one-off sale of one of the buildings in November, when A.D. Real Estate bought the 10-story, 37-unit rental building at 114 East 40th Street in Murray Hill for $27.5 million, property records show.

Now, the Great Neck-based investment firm has come back for seconds. It acquired the 66-unit, 56,750-square-foot property at 312-316 East 30th Street earlier this month, sources said. Sources said A.D. Real Estate plans to renovate the building, which is entirely market-rate.

Meanwhile, Blackstone and Fairstead hired MNS to handle leasing for all remaining vacancies at the other 22 buildings, which they have rebranded Array Rentals, according to a spokesperson for the brokerage. The properties, spread throughout Chelsea, Murray Hill and the Upper East Side, are largely market-rate.

Representatives for Blackstone, Fairstead and A.D. Real Estate declined to comment. Emerald Equities NYC’s Aliza Avital-Caplan, who brokered the deal, could not be immediately reached.

Blackstone and Fairstead continued to strike big multifamily deals following the acquisition of the Caiola portfolio. Blackstone paid $620 million for the Kips Bay Court complex, in what was the priciest multifamily deal of 2016. Fairstead, meanwhile, bought Savoy Park in Harlem for $315 million  and sold the Dawnay Day portfolio across East Harlem for $357.5 million with an affiliate of E+M Associates.

SOURCE: The Real Deal

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