NEW YORK CITY—Fairstead Capital has acquired a nearly 1,000-unit free market rental housing portfolio in Manhattan. The portfolio was purchased for $690 million in partnership with Blackstone Real Estate Partners VIII.
Previously managed by B&L Management Co. and sold by the Caiola Family, the portfolio is comprised of 24 mid-rise rental properties—totaling 997 units—that are located in and around the Chelsea and Upper East Side neighborhoods. Ownership's plans for the portfolio include upgrades to the common spaces, addition of new amenities, and the execution of a capital improvement plan to renovate units.
Fairstead declined GlobeSt.com's request for comment while Blackstone did not respond to such a request by press time.
Fairstead Capital is a real estate investor and asset manager specializing in New York City multifamily properties. A partnership that includes SG2 Properties and a family office, Fairstead owns and asset manages $2.3 billion of area property, comprised of more than 4,750 rental units on behalf of its principals and investors. The company has a long-term, generational strategy for real estate investments.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
