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New York

Blackstone’s Schwarzman to chair Partnership for NYC

Private equity mogul currently sits on board of business advocacy group

Wylde Schwarzman
From left: Stephen Schwarzman and Kathryn Wylde

UPDATED, Nov. 13, 3:15 p.m.: Stephen Schwarzman, founder and CEO of investment giant Blackstone Group, will be the new co-chair of the Partnership for New York City starting next year, the business advocacy group announced Friday.

The finance titan will share the post with Morgan Stanley’s CEO James Gorman, who is currently in the second year of his two-year chairmanship.

“Having built a global business based in New York City, I appreciate the importance of cooperation among business, government and the civic sector, who all must work together to attract and develop great talent, maintain the city’s competitiveness and keep this a city of opportunity for all,” Schwarzman, who has served on the group’s board since 2002, said in a statement.

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The Partnership, headed by CEO Kathryn Wylde, is composed of several hundred CEOs of New York based companies. Crain’s last year named it the city’s best connected nonprofit.

Blackstone, the world’s largest alternative investment firm, has a real estate division that counts among New York’s most active investors. Last month, the firm agreed to buy the apartment complex Stuyvesant Town-Peter Cooper Village for $5.3 billion in partnership with Canadian investment firm Ivanhoe Cambridge. – Konrad Putzier

Correction: An earlier version of this post incorrectly described James Gorman’s employer. It is Morgan Stanley.

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Partnership For New York CityStephen Schwarzman