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

The firms bought 24-property portfolio in 2015 for $690M

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

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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.