Blackstone bought nearly $10B worth of NY real estate in 2015

Private equity firm was city’s most prolific buyer
January 11, 2016 10:37AM

The tab is in for Blackstone’s massive 2015 buying spree: $9.6 billion.

That total – which included the purchase of Stuyvesant Town and a partnership stake in a six-building office portfolio – made the private equity giant the city’s most aggressive buyer last year.

The firm also sold $4.2 billion in property, Bloomberg reported, citing data from Real Capital Analytics.

The firm bought Stuy Town along with Ivanhoe Cambridge, from a group led by CWCapital Assessment management, closing in December. The partners paid $5.3 billion (or was it $5.46 billion?)

Earlier this year, Blackstone went into contract to buy a 50 percent stake in a portfolio of six office buildingsIncluding 620 Sixth Avenue, 1330 Sixth Avenue, 340 Madison Avenue and the Starrett-Lehigh Building at 601 West 26th Street – from Scott Rechler’s RXR Realty. The deal valued the portfolio at $4 billion.

Back in August, The Real Deal profiled the firm’s real estate division and its head Jonathan Gray, investigating whether its dramatic growth could continue. [Bloomberg]Ariel Stulberg