Blackstone, Fairstead sell three more Caiola buildings for $31M
The firms bought 24-property portfolio in 2015 for $690M
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.
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.