Major private equity firm to acquire major NYC apartment complex…

The details matter.  It’s worth seeing how this deal got done:

The deal includes an agreement that would keep almost half of the more than 11,000 apartments affordable for 20 years. For Blackstone, it extends a push into owning rentals and makes it one of the largest residential landlords in Manhattan.

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5 thoughts on “Major private equity firm to acquire major NYC apartment complex…

  1. “The deal includes an agreement that would keep almost half of the more than 11,000 apartments affordable for 20 years.”

    The guys running AirBnB were reported to have sent out for two dozen packs of new underpants after hearing this announcement. “It’s not that we’re happy to hear of apartments required by law to be set below market rate in an insanely-expensive place like New York City, thereby providing a strong incentive to illegally sublet them at market rate using our service. It’s just that–ooh, there I go again. Joey, throw me another pack, hey?”

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