{"id":1004127696,"date":"2015-09-17T05:57:29","date_gmt":"2015-09-17T13:57:29","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=360998"},"modified":"2020-05-12T01:13:50","modified_gmt":"2020-05-12T09:13:50","slug":"fairstead-and-blackstone-pay-big-bucks-for-1000-units-in-manhattan-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fairstead-and-blackstone-pay-big-bucks-for-1000-units-in-manhattan-2\/","title":{"rendered":"Fairstead and Blackstone Pay Big Bucks for 1,000 Units in Manhattan"},"content":{"rendered":"

By Veronica Grecu, Associate Editor<\/em><\/p>\n

\"250<\/a><\/p>\n

250 W. 19th St. – Manhattan<\/p>\n<\/div>\n

A joint venture between Fairstead Capital<\/a> and Blackstone Group<\/a> paid $690 million for 24 mid-rise rental properties located primarily in and around Manhattan\u2019s Chelsea and Upper East Side neighborhoods. The assets were sold by the Caiola family, who owns a real estate empire throughout New York City, and comprise 997 rental apartments that were transferred at an average price of $692,076 per unit.<\/p>\n

According to an official statement announcing the sale, the portfolio was previously managed by B&L Management Co.<\/a>, a local property management firm that was founded 25 years ago by the late Benny Caiola and his three sons. Willkie Farr & Gallagher<\/a> brokered the sale on behalf of the Caiola family.<\/p>\n

The new owners plan to upgrade the properties\u2019 common spaces, add new amenities and renovate the units, which were built in the 1970s and 1980s.<\/p>\n

The largest building in the portfolio includes 200 units and is located at 250 W. 19th<\/sup> St., Bloomberg<\/a> reported quoting a source familiar with the transaction.<\/p>\n

Image via PropertyShark<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A portfolio of nearly 1,000 market-rate apartments was sold to a joint venture between Fairstead Capital and Blackstone Group in one of the largest multifamily deals in New York City in recent years.<\/p>\n","protected":false},"author":258,"featured_media":1004505755,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[682],"class_list":["post-1004127696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-york","category-latest","tag-news"],"acf":[],"yoast_head":"\nFairstead and Blackstone Pay Big Bucks for 1,000 Units in Manhattan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fairstead-and-blackstone-pay-big-bucks-for-1000-units-in-manhattan-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fairstead and Blackstone Pay Big Bucks for 1,000 Units in Manhattan\" \/>\n<meta property=\"og:description\" content=\"A portfolio of nearly 1,000 market-rate apartments was sold to a joint venture between Fairstead Capital and Blackstone Group in one of the largest multifamily deals in New York City in recent years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/fairstead-and-blackstone-pay-big-bucks-for-1000-units-in-manhattan-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-17T13:57:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-12T09:13:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/250-W.-19th-St.-Manhattan.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fairstead-and-blackstone-pay-big-bucks-for-1000-units-in-manhattan-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fairstead-and-blackstone-pay-big-bucks-for-1000-units-in-manhattan-2\\\/\"},\"author\":{\"name\":\"Veronica Grecu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/e8362e8641769829162f16fe58091f62\"},\"headline\":\"Fairstead and Blackstone Pay Big Bucks for 1,000 Units in Manhattan\",\"datePublished\":\"2015-09-17T13:57:29+00:00\",\"dateModified\":\"2020-05-12T09:13:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fairstead-and-blackstone-pay-big-bucks-for-1000-units-in-manhattan-2\\\/\"},\"wordCount\":182,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fairstead-and-blackstone-pay-big-bucks-for-1000-units-in-manhattan-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/250-W.-19th-St.-Manhattan.jpg\",\"keywords\":[\"News\"],\"articleSection\":[\"New York\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fairstead-and-blackstone-pay-big-bucks-for-1000-units-in-manhattan-2\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fairstead-and-blackstone-pay-big-bucks-for-1000-units-in-manhattan-2\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/fairstead-and-blackstone-pay-big-bucks-for-1000-units-in-manhattan-2\\\/\",\"name\":\"Fairstead and Blackstone Pay Big Bucks for 1,000 Units in Manhattan - 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