B&L Management Company, a Willkie client, announced that it sold 24 mid-rise rental apartment buildings, consisting of 997 residential and commercial units located in the Chelsea and Upper East Side of Manhattan, to a joint venture lead by Blackstone Real Estate Partners VIII and Fairstead Capital for a total purchase price of $690 million. This transaction represents one of the largest individual residential asset sales in New York in the past decade and one of the largest sales of an elevator-building residential portfolio in Manhattan history.
B&L Management Company, founded in 1980 by Benny Caiola, specializes in the development and management of residential multi-family apartment buildings in New York City. The family business is owned by his wife and four children, and operated by his sons Luigi and Alfred. B&L Management Company continues to own, acquire, develop, and manage new value-add residential and retail properties in New York City and Long Island.
The transaction was handled by partners Gordon Caplan and David Drewes, and associates Justin Elliott and Jacob Moss.
Source: www.willkie.com
