Sept. 11, 2018 By Tara Law
An asset management firm has reportedly agreed to buy Forest Hills housing complex Parker Towers for $500 million.
Blackstone Group LP has agreed to buy the 1,300-unit apartment complex at 104-20 Queens Blvd., according to Bloomberg News. The investment is being made by Blackstone Property Partners, the firm’s opened-ended fund that focuses on middle-income rental properties in major urban areas.
The tower complex, which was built in 1960, consists of three 20-story apartment towers which offer amenities such as 24-hour doorman service, a dog run, indoor parking and a private club.
The property is currently owned by developer Jack Parker Corporation. In March, real estate publication The Real Deal reported that the corporation was looking to unload all of its U.S. real estate, including the Park Towers property.
The apartment complex currently lists a studio for $1,995 and a four-bedroom apartment for $4,200.