Blackstone closes on Flushing megadeal for $382M

The Blackstone Group closed on its acquisition of the retail mall and parking garage at the Sky View Parc complex in Flushing for $382.4 million, marking the completion of the private equity giant’s first big deal in the neighborhood.

The seller was Onex, the Toronto-based private equity firm that co-developed the 14-acre complex with Muss Development. Blackstone bought the asset through its Blackstone Property Partners fund, in a deal brokered by Eastdil Secured. The 560,000-square-foot mall, one of the largest in Queens, is occupied by tenants including a Nike outlet store, a Nordstrom Rack and BJ’s Wholesale Club.

Onex recently broke ground on three condominium towers at the complex. It bought out Muss Development late last year. — Hiten Samtani