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Blackstone Buys Flushing Mall for $400M

The Blackstone Group is so confident in the potential of the Flushing Queens real estate market that it just spent $400M on the mall and parking garage at Sky View Parc. The 560k SF mall is one of the largest in Queens, and this transaction represents Blackstone's first venture into Flushing. Retailers include Nike, Restoration Hardware, Nordstrom Rack, Uniqlo and BJ's Wholesale Club, Crain's reports. Onex, the private equity firm that co-developed the Sky View Parc, built the 14-acre complex during the recession. The property fell on hard times, but it's attempting a comeback. The Blackstone acquisition, along with the success of the complex's three residential condominiums, are surely a sign that things are looking up. [Crain's]

Related Topics: Blackstone, Flushing, Sky View Parc