Jonathan Gray, global head of real estate at Blackstone Group, said the commercial real estate market is heading into a phase of moderate growth.
The supply and demand fundamentals of commercial real estate are holding strong even though the growth rate is slow as a result of limited construction, Gray, who became a billionaire last year after Blackstone’s stock surged, told Bloomberg News.
“We are clearly past the distressed phase,” he said.
The private-equity giant has been busy recently in Manhattan, buying Vornado Realty Trust’s 1740 Broadway for $605 million, as The Real Deal reported, and looking to unload 1095 Sixth Avenue for more than $2 billion. [Bloomberg News] — Mark Maurer