Andrew Farkas’ Island Capital and JW Capital Management have acquired a distressed New York multifamily portfolio once owned by Blackstone. The portfolio, consisting of 637 units in the Upper East Side and Chelsea, was taken over after the firms purchased its mezzanine debt. They then secured a $270 million loan from Bridge Investment Group to pay off the senior mortgage. The loan carries a floating rate and a five-year term. Blackstone had transferred a majority stake in the portfolio to Atlas Capital in 2023 before Island and JW Capital assumed control.
Andrew Farkas’ Island Capital
