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TPG And Kenneth F. Bernstein Of Acadia Realty Trust Acquire Retail Asset From Stephen A. Schwarzman

Property Image
SOLD
$425,000,000

New York

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Retail555,000 SF
Sold 12/04/2025
the dealdetailscomps
Property Image
SOLD

TPG And Kenneth F. Bernstein Of Acadia Realty Trust Acquire Retail Asset From Stephen A. Schwarzman

40 24 College Point Boulevard

See Similar Deals
Retail555,000 SF
Sold 12/04/2025
the dealdetailscomps

Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$765
Total Square Footage:555,000 SF
Transaction Type:Sale

The property involved in this transaction is a retail asset located at 40-24 College Point Boulevard, Flushing, with a total square footage of 555,000 and a sale price of $425,000,000. The property was sold at a price per square foot of $766.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $425,000,000
  • Address: 40-24 College Point Boulevard
  • Market: Flushing
  • Square Footage: 555,000
  • Price Per Square Foot: $766
  • Buyer: TPG & Kenneth F. Bernstein - Acadia Realty Trust
  • Seller: Stephen A. Schwarzman - Blackstone
  • Brokers: Adam Spies, Adam Doneger and Ben Lushing - Newmark

The transaction is a significant deal where Blackstone is under contract to sell The Shops at Skyview to a venture between TPG and Acadia Realty Trust, as confirmed by a person familiar with the deal.

Players

Acadia Realty Trust
Acadia Realty Trust
BUYER
Blackstone
Blackstone
SELLER

Details

SOLD
IMAGE: - UNDER CONTRACT IMAGE: Kenneth F. Bernstein & Stephen A. Schwarzman DATE: 12/04/2025 ADDRESS: 40-24 College Point Boulevard MARKET: Flushing ASSET TYPE: Retail BUYER: TPG & Kenneth F. Bernstein - Acadia Realty Trust (@AcadiaRealtyTrust) SELLER: Stephen A. Schwarzman - Blackstone (@Blackstone) BROKERS: Adam Spies, Adam Doneger and Ben Lushing - Newmark (@Newmark) SALE PRICE: $425,000,000 SF: 555,000 ~ PPSF: $766 NOTE: Blackstone is under contract to sell The Shops at Skyview in Flushing to a TPG–Acadia Realty Trust venture for roughly $425 million, per a person familiar with the deal.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$22,666,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$1,509,935.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,014,716.82
Annual Debt Service$24,176,601.90