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Blackstone Becomes No. 1 NYC Real Estate Buyer, Sees More Deals

  • Purchases include Stuyvesant Town-Peter Cooper Village
  • There are `opportunities for those who have capital,' CIO says

Blackstone Group LP jumped to the top spot in real estate acquisitions in New York last year, with purchases that encompassed Manhattan’s biggest apartment complex and stakes in a group of office properties including the Starrett-Lehigh building on the Hudson River.

Blackstone bought $9.6 billion of real estate in the New York metropolitan area in 2015, and sold $4.2 billion worth, the vast majority in Manhattan, according to preliminary figures from Real Capital Analytics Inc. The totals exclude the $1.95 billion sale of New York’s Waldorf Astoria hotel by Hilton Worldwide Holdings Inc., majority-owned by Blackstone at the time of the transaction. The New York-based firm was involved in 21 percent of all commercial-property transactions in Manhattan last year, Real Capital said.