Blackstone buys property in Queens for $400m

The Blackstone Group is in contracts to purchase the retail mall and parking garage at the Sky View Parc complex in Flushing, Queens, for $400 million. The seller was Toronto-based Onex Real Estate Partners. This will be Blackstone’s first acquisition in the growing Queens real estate market.

The mall is one of the largest in Queens, totaling 560,000 square feet. Major tenants include Nike, Restoration Hardware Furniture Outlet, Nordstrom Rack, Uniqlo and BJ’s Wholesales. The acquisition includes the 2,500-space parking garage.

Onex built the 14-acre complex, which includes three condominium towers, in 2014.

Blackstone is acquiring the asset through Blackstone Property Partners, according to Crain’s; the open-end fund has a U.S.-focused core-plus strategy. Blackstone Property Partners intends to invest in substantially stabilized and well-leased office, multifamily, industrial and retail assets, primarily in major U.S. markets such a