December 12, 2016
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Blackstone Group closed on its acquisition of the eight-building, 894-unit Kips Bay Court, an apartment complex on Second Avenue, between East 26th and East 29th Streets in Midtown Manhattan. The $620 million transaction between the buyer and seller, Phipps Houses, is the largest multifamily deal closed in New York City for 2016.
Phipps Houses developed the complex at 520 2nd Ave. as an affordable housing project in 1975. All of the apartments are market rate; although 40% of the units are occupied by Section 8 tenants. Darcy Stacom with CBRE led the team representing the seller.
Blackstone assumed the $200.1 million, Fannie Mae loan already on the asset. The loan, issued by Wells Fargo in 2013, has a 10-year term.
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