- Blackstone (NYSE:BX) is near a deal to purchase the 894-unit, market-rate Kips Bay Court for $620M, or nearly $700K per unit, according to The Real Deal, which says the sale could go under contract this week. It would be NYC's largest multifamily deal this year.
- According to an offering memorandum, NOI for 2017 is expected to be $23.9M, or a cap rate of 3.85% at the $620M sale price. While nearly 40% of the units are Section 8, the memorandum projects just 69 will remain by 2027.
- A CBRE (CBG) team is marketing the property.
- Blackstone also made the largest multifamily buys in NYC in 2015 with the $5.3B Stuyvesant Town purchase and the $690M Caiola portfolio.