Blackstone, Fairstead Sell Another Former Caiola Portfolio Building
Blackstone and Fairstead Capital have sold 312-316 East 30th St., an 18-story rental building in Kips Bay, to A.D. Real Estate Investors, for $52M.
The sale closed earlier this month, The Real Deal reports. Blackstone and Fairstead picked up the 24-building portfolio the building was part of from the Caiola family in 2015.
The JV sold another of the buildings in the portfolio, 114 East 40th St., to the same buyer in November, for $27.5M. The buyer plans to renovate the fully market-rate building, according to The Real Deal.
Emerald Equities NYC’s Aliza Avital-Caplan brokered the sale of the East 30th Street building. The 22 buildings in the portfolio that Blackstone will retain have been branded Array Rentals, and will be leased by the brokerage MNS.
