The Real Deal New York

Blackstone buys retail, garage at Flushing complex for $400M

Purchase is Jonathan Gray firm's first deal in neighborhood

June 22, 2015 03:35PM

Sky View Parc in Flushing (credit: Perkins Eastman) (inset: Jonathan Gray)

Sky View Parc in Flushing (credit: Perkins Eastman) (inset: Jonathan Gray)

Blackstone Group is acquiring the retail mall and parking garage at the Sky View Parc complex in Flushing for $400 million, making a big bet on the fast-growing Queens neighborhood’s real estate market.

Blackstone purchased the 560,000-square-foot mall and 2,500-car garage from Onex, the Toronto-based private equity firm that co-developed the complex. Eastdil Secured brokered the sale for Onex.

The acquisition, done through the private equity giant’s Blackstone Property Partners fund, is the firm’s first deal in Flushing, according to Crain’s. The shopping mall is nearly fully occupied by major retailers and includes a Nike outlet store, a Nordstrom Rack and discount warehouse chain BJ’s Wholesale Club.

Onex built the 14-acre, recession-era complex with original partner Muss Development, which it bought out last year. While originally falling behind schedule and over budget, the project includes three condo towers that have since sold out and recently broke ground on another three high-rise condos at the property. [Crain’s]Rey Mashayekhi