Blackstone unit buys 25 Manhattan apartment buildings: source

Seattle

A VENTURE led by Blackstone Group LP has agreed to buy 25 Manhattan apartment buildings for about US$700 million in the private equity firm's first purchase of rental housing in the borough, a person with knowledge of the transaction said.

The mainly mid-rise properties have about 1,000 units and are located primarily in and around the Chelsea and Upper East Side neighbourhoods, according to the person, who asked not to be identified because the deal is private. Blackstone will have a majority stake in the apartments, which were built in the 1970s and '80s, the person said.