The Real Deal New York

Blackstone, Fairstead sell three more Caiola buildings for $31M

The firms bought 24-property portfolio in 2015 for $690M
By Rich Bockmann | July 06, 2018 03:00PM

Left to right: Kathleen McCarthy, Kenneth Caplan, 343 East 76th Street, and 228 East 81st Street (Credit: Blackstone and Apartments)

Blackstone Group and Fairstead Capital sold a trio of Upper East Side apartment buildings for $31 million – part of the $690 million Caiola portfolio the firms picked up in 2015.

Meshulam Yechiel Shafranm is listed as the buyer of the three properties – 343 East 76th Street, 221 East 82nd Street and 228 East 81st Street– property records filed with the city Friday show.

A representative for Blackstone couldn’t be immediately reached. Cushman & Wakefield’s Thomas Gammino and Bob Knakal, formerly of Cushman, brokered the deal.

The trio of apartment buildings spans 76 units, bringing the purchase price to more than 400,000 per unit.

Blackstone paid roughly $31.8 million to buy the buildings in 2015 from investor Alfred Caiola, part of a 24-property portfolio that Blackstone bought with Fairstead.

Blackstone in February appointed executives Kathleen McCarthy and Kenneth Caplan as co-heads of its real estate division to succeed Jonathan Gray, who was named president and chief operating officer of Blackstone.