Deals
Blackstone Is Selling NYC Skyscraper for $640 Million
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Blackstone Group LP agreed to sell a Manhattan skyscraper for $640 million to a New York-based real estate investment firm, according to a person with knowledge of the transaction, another sign that commercial deals in the borough may be starting to pick up.
The firm, Savanna, is in contract to acquire the 34-story office tower at 5 Bryant Park, said the person, who asked not to be identified because the deal hasn’t been announced. Representatives for Blackstone declined to comment. Calls to Savanna seeking comment weren’t immediately returned. The agreement was reported earlier Monday by the Real Deal.