Atlas Capital Group Acquires Majority Stake In 11 Manhattan Multifamily Properties For $142.5M From Seller Blackstone Group - Stephen A. Schwarzman

Blackstone Group, led by Stephen A. Schwarzman, has successfully sold a majority stake in 11 multifamily properties located in Manhattan. This strategic move allowed Blackstone to avoid foreclosure efforts by lenders. The properties involved in the transaction are situated at 250 West 19th Street, 31 East 31st Street, 344 East 63rd Street, 451 East 83rd Street, 309 West 30th Street, 434 West 19th Street, 337 West 30th Street, 345 West 30th Street, 425 East 84th Street, 445 East 83rd Street, and 162 East 61st Street. The combined square footage of these properties is 497,362 square feet.

Summary of transaction details:

• Property Type: Multifamily
• Sale Price: $142,500,000
• Price per Square Foot: $286
• Market: Manhattan
• Buyer: Atlas Capital Group
• Seller: Blackstone Group - Stephen A. Schwarzman
• Broker: Helen Hwang - Meridian Capital Group

This deal involved Atlas Capital Group purchasing a 51% interest in the properties for a total amount of $142.5 million. The transaction was facilitated by Helen Hwang, a representative from Meridian Capital Group. This sale highlights the strategic decisions made by Blackstone Group to mitigate foreclosure efforts and secure a favorable outcome for all parties involved.