Blackstone Group signs $269.1M refi for 1,327-unit Parker Towers in Forest Hills

Blackstone Group through the entity Bpp Parker Tower Property Owner LLC as borrower signed a refi loan with lender Wells Fargo for $269.1 million for two properties with 1,327 residential units including the 1,327-unit residential elevator building (D3) at 104-20 Queens Boulevard and the office building (O5) at 104-70 Queens Boulevard, both in Forest Hills, Queens.
The deal closed on November 25, 2025 and was recorded on December 4, 2025. The prior lender was Freddie Mac which held debt that had an original loan amount of $269.1 million. The two properties have 1,774,608 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $151 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Blackstone Group was Brian Lin . The signatory for Wells Fargo was Nicole Murarka .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Stephanie Sarphong- Appiah, head officer and Stephanie Sarpong- Appiah, head officer. The business entity is BPP Parker Tower Property Owner Llc. The two properties with a total of 1,774,608 square feet of built space generated revenue of $46.5 million per year or $26 per square foot.

The property

The residential elevator building with 1,327 residential units in Forest Hills has 1,774,608 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 521 feet and is 260 feet deep with a total lot size of 259,946 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $189.6 million. The property has 130 rent regulated units according to city tax records from 2023.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received three DOB violations, 30 housing violations, $2,200 in OATH penalties, and one housing litigation in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. On these lots, there was one active new building construction project, 421301825, for a 1,771 square-foot S-2 building. The project was submitted by Cynthia Wong with plans filed March 11, 2016 and it has not been permitted yet.

The block

On the tax block of 104-20 Queens Boulevard, PincusCo has identified the owners of one of the two commercial properties representing 1,741,458 square feet of the 1,774,608 square feet. The identified owner is Blackstone Group.
On the tax block, there was one new building construction project filed totaling 1,771 square feet. It is a 1,771 square-foot storage (S-2) building submitted by Cynthia Wong with plans filed March 11, 2016 and it has not been permitted yet.

The majority, or 98 percent of the 1.8 million square feet of built space are elevator buildings, with office buildings next occupying 2 percent of the space.

The borrower

The PincusCo database currently indicates that Blackstone Group owned at least 44 commercial properties with 14,164 residential units in New York City with 20,600,302 square feet and a city-determined market value of $4.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.4 billion in debt, with top three lenders as Morgan Stanley, Wells Fargo, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 74 percent of the 20,600,302 square feet of built space are elevator properties, with office properties next occupying 21 percent of the space. The bulk, or 88 percent of the built space, is in Manhattan, with Queens next at 9 percent of the space.

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