NEW YORK, NY - Fairstead Capital announced the acquisition of a nearly 1,000-unit free market rental housing portfolio in Manhattan for $690 million in partnership with Blackstone Real Estate Partners VIII.
The Portfolio, which was previously managed by B&L Management Company and sold by the Caiola Family, is made up of 24 mid-rise rental properties totaling 997 units, located in and around the Chelsea and Upper East Side neighborhoods.
Ownership’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.
B&L Management Company was founded in 1980 by Benny Caiola, and specializes in the quality development and management of residential multi-family apartment buildings in NYC. The family business is owned by his wife and four children, and operated by his sons Luigi and Alfred. Inspired by their father’s legacy, B& L continues to own, acquire, develop and manage new value-add residential and retail properties in NYC and Long Island.
Fairstead Capital is a real estate investor and asset manager specializing in New York City multifamily property. A partnership that includes SG2 Properties and a family office, Fairstead Capital owns and asset manages $2.3 billion of New York City property, comprised of more than 4,750 rental units on behalf of its principals and investors.
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $92 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America.