Morgan Stanley’s North Haven Net REIT buys Jackson Heights logistics from Blackstone Group valued at $86.7M

North Haven Net REIT through the entity NHNR Hold Co 28, LLC acquired an interest from Blackstone Group through the entity Bpp Nyc Industrial Parent LLC valued at $86.7 million for the logistics building (E9) at 83-15 24th Avenue and the adjacent surface parking lot (G7) at 83-84 23rd Avenue in Jackson Heights, Queens.
The deal closed on October 17, 2025 and was recorded on October 21, 2025. The two properties have 127,112 square feet of built space and 76,804 square feet of additional air rights for a total buildable of 204,187 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $682 and the price per buildable square foot is $424 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.)
Morgan Stanley raised more than $800 million as of earlier this year for the newly formed private REIT targeting net-leased industrial, healthcare and retail properties.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer North Haven Net REIT had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Blackstone Group purchased 17 properties in 11 transactions for a total of $530.2 million and sold 22 properties in two transactions for a total of $431.9 million over the same time period. Out of the two properties, one with a total of 127,112 square feet of built space generated revenue of $5.2 million per year.

The property

The industrial building in Jackson Heights has 127,112 square feet of built space and 76,804 square feet of additional air rights for a total buildable of 204,187 square feet according to a PincusCo analysis of city data. The parcel has frontage of 385 feet and is 441 feet deep with a total lot size of 131,897 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $34.2 million.

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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Jackson Heights, The bulk, or 42 percent of the 16.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 18 percent of the space. In sales, Jackson Heights has near average sales volume among other neighborhoods with $335.8 million in sales volume in the last two years and is the 6th highest in Queens. For development, Jackson Heights has had very little major development activity relative to other neighborhoods.It had 309,864 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On the tax block of 83-15 24th Avenue, PincusCo has identified the owners of two of the seven commercial properties representing 127,112 square feet of the 163,406 square feet. The identified owner is Blackstone Group.
There are no active new building construction projects on this tax block.

The majority, or 90 percent of the 163,406 square feet of built space are industrial buildings, with hotel buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Blackstone Group owned at least 47 commercial properties with 14,164 residential units in New York City with 20,779,586 square feet and a city-determined market value of $4.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $2.5 billion in debt, with top three lenders as Morgan Stanley, Wells Fargo, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 73 percent of the 20,779,586 square feet of built space are elevator properties, with office properties next occupying 21 percent of the space. The bulk, or 87 percent of the built space, is in Manhattan, with Queens next at 10 percent of the space.

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