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

Purchase is Jonathan Gray firm's first deal in neighborhood

TRD 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

Jonathan Gray

Moving out: Blackstone sells remaining stake in Invitation Homes

Blackstone's Jonathan Gray (Credit: Getty Images and iStock)

Here’s a look at Blackstone’s industrial plays after its record-breaking portfolio purchase

From left: Jonathan Gray and Steve Schwarzman with Stuyvesant Town

Behind Blackstone’s “capital strike”

October Issue is Live

The Real Deal‘s October issue is now available to subscribers!

Blackstone's Jonathan Gray (Credit: Getty Images and Wikipedia)

Blackstone buys Colony Capital’s warehouse portfolio for $6B

Here’s why landlords don’t hate California’s rent control bill

Here’s why landlords don’t hate California’s rent control bill

65 East 55th Street and EQ Office CEO Lisa Picard (Credit: Park Avenue Tower and VTS)

Blackstone looks to sell Park Ave Tower for more than $800M

Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies