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Blackstone and Fairstead JV Purchase $690M NYC Multifamily Portfolio

In one of New York City's largest single residential portfolio sales in the past decade, Blackstone—headed by Jon Gray (pictured)—and Fairstead Capital have joined forces to purchase 24 mid-rise Manhattan apartment buildings for $690M. The 997-unit portfolio is in and around Chelsea and the UES. It was previously managed by B&L Management and sold by the Caiola family. Plans for the property include upgrading the common spaces, adding new amenities and renovating. [CoStar]