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

Purchase is Jonathan Gray firm's first deal in neighborhood

New York /
Jun.June 22, 2015 03:35 PM

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


Related Articles

arrow_forward_ios
Levered and loaded: KKR looks to flex its real estate muscle
Levered and loaded: KKR looks to flex its real estate muscle
Levered and loaded: KKR looks to flex its real estate muscle
Blackstone secures $1.1B refi on Sun Belt multifamily portfolio
Blackstone secures $1.1B refi on Sun Belt multifamily portfolio
Blackstone secures $1.1B refi on Sun Belt multifamily portfolio
RealSure CEO Katie Finnegan (LinkedIn)
Realogy, Home Partners of America iBuying venture hires first CEO
Realogy, Home Partners of America iBuying venture hires first CEO
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Real estate powers Blackstone’s best quarter ever
Main-MainImage_.psd FT-Thumbnail_.psd
Blackstone to net $4B profit in sale of Vegas casino
Blackstone to net $4B profit in sale of Vegas casino
Blackstone Group's Stephen Schwarzman, KKR's Henry Kravis and Apollo's Leon Black (Getty, Facebook, iStock)
Blackstone, Apollo, KKR take market hit on Evergrande tumult
Blackstone, Apollo, KKR take market hit on Evergrande tumult
The Cosmopolitan of Las Vegas at 3708 Las Vegas Blvd S and Blackstone CEO Stephen Schwarzman (Google Maps, Getty)
Blackstone marketing Cosmopolitan Las Vegas for $5B
Blackstone marketing Cosmopolitan Las Vegas for $5B
Blackstone buying WPT Industrial in $3B deal
Blackstone buying WPT Industrial in $3B deal
Blackstone buying WPT Industrial in $3B deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...