Blackstone lends Related $258m to refurbish Manhattan apartment block
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The US real estate developer Related Companies has borrowed $258m from the private equity group Blackstone to refurbish a Manhattan apartment building in a deal that signals confidence in New York’s luxury housing market, despite the pandemic.
The onset of coronavirus was tough on high-end New York property owners, as thousands of residents fled to the perceived safety of second homes in the Hamptons on Long Island, New England or Florida.
Trends in luxury rentals and sales are now improving in America’s most populous city, data show. Related, the developer behind Manhattan’s sprawling Hudson Yards project, plans to use the funds from Blackstone to renovate a rental building in the Tribeca neighbourhood and sell the apartments to wealthy residents and…