Blackstone Group is buying a Queens apartment complex for roughly $500 million.
The firm is purchasing Parker Towers from the Jack Parker Corporation, according to Bloomberg. It views the buildings as an affordable choice for renters looking to live outside of Manhattan and more expensive Queens neighborhoods like Long Island City.
Blackstone Property Partners is making the investment. The fund also owns Kips Bay Court and Stuyvesant Town in Manhattan.
Parker Towers is located in Forest Hills and consists of three residential towers that each stand 20 stories tall. Amenities include a gym, a dog run and a private club. StreetEasy lists a one-bedroom unit at the complex for $2,350 a month and a three-bedroom for $3,350 a month.
The Real Deal first reported that the Jack Parker Corporation was putting most of its New York City holdings on the market in March. In addition to the Forest Hills complex, the portfolio consists of the 291-unit luxury rental building Truffles Tribeca and the Biltmore, a 464-unit Midtown rental tower. GreenOak Real Estate and Slate Property Group agreed to buy the Biltmore earlier this summer
A Newmark Knight Frank team led by Jimmy Kuhn is marketing the portfolio. [Bloomberg] – Eddie Small