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Blackstone Agrees to $500 Million NYC Apartment Deal

September 11, 2018 / Bloomberg

Blackstone Group LP has agreed to buy an apartment complex in the New York City borough of Queens for about $500 million, according to people familiar with the matter. The firm sees the 1,300-unit property, known as Parker Towers, as an affordable option for renters seeking alternatives outside of Manhattan and in parts of Queens, such as Long Island City, where new construction and sky-high prices are rife. The seller is Jack Parker Corp.