TPG pays $424.4M to Blackstone for retail, commercial in Flushing

TPG Real Estate Partners paid $424.4 million to Blackstone Group through its for retail, commercial and parking at the Sky View Parc complex in Flushing, Queens, in three separate transactions. The seller is Blackstone Group’s Perform Properties, which owns assets previously held through the Blackstone entities ShopCore Properties, Retail Opportunity Investments and EQ Office. Blackstone purchased the properties in 2015 for $407.35 million.

To finance the purchase, TPG borrowed $289.6 million from Mizuho Bank.

In the first, TPG Real Estate Partners through the entity Saturn Condominium, LLC paid $297.8 million to Blackstone Group through the entity Bre Skyview Retail Owner LLC for the retail condo at 40-22 College Point Boulevard in Flushing, Queens and the retail condo with the address 131-07 40th Road in Flushing, Queens. The expected use is cash flowing.
The deal closed on January 9, 2026 and was recorded on January 13, 2026. The two properties have 520,838 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $571 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 seller purchased the property in July 2015 for $292.4 million.

In the second, TPG Real Estate Partners through the entity Saturn Parking, LLC paid $109.7 million to Blackstone Group through the entity Bre Skyview Parking Owner LLC for the property at 40-22 College Point Blvd in Flushing, Queens. The expected use is cash flowing.
The deal closed on January 9, 2026 and was recorded on January 13, 2026. The property has 807,226 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $135 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 seller bought the property on July 31, 2015, for $90 million.

In the third, TPG Real Estate Partners through the entity Saturn Commercial, LLC paid $16.9 million to Blackstone Group through the entity Bre Skyview Retail Owner 2 LLC for the office condo at 131-07 40th Road in Flushing, Queens. The expected use is cash flowing.
The deal closed on January 9, 2026 and was recorded on January 13, 2026. The property has 50,713 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $333 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 seller bought the property on December 30, 2015, for $25 million.

The signatory for Blackstone Group was Tim Geiman . The signatory for TPG Real Estate Partners was Matthew Coleman . TPG Real Estate Partners is affiliated with TPG Angelo Gordon.  The contract date was October 27, 2025.   Purchased in July 2015 for $292,357,933.00 . for all five condo units it was 407357933.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer TPG Real Estate Partners purchased two properties in two transactions for a total of $244 million 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 37 properties in four transactions for a total of $607.4 million over the same time period.

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

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 Flushing, The bulk, or 45 percent of the 37.7 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 20 percent of the space. In sales, Flushing has 2.4 times the average sales volume among other neighborhoods with $724.3 million in sales volume in the last two years and is the 3rd highest in Queens. For development, Flushing has 1.7 times the average amount of major developments relative to other neighborhoods and is the 3rd highest in Queens. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On the tax block of 40-22 College Point Blvd, PincusCo has identified the owners of four of the 13 commercial properties representing 557,177 square feet of the 932,724 square feet. The other largest owner is Jade Century Properties, followed by Cactus Holdings and then City Of New York.
On the tax block, there were five new building construction projects totaling 1,659,564 square feet. The largest is a 469-unit, 552,699 square-foot hotel/dormitory/shelter (R-1) building submitted by Jade Century Properties and filed by Mark Dong with plans filed November 30, 2016 and permitted January 29, 2018. The second largest is a 168-unit, 552,699 square-foot residential (R-2) building submitted by Jade Century Properties and filed by Mark Dong with plans filed September 15, 2016 and permitted January 29, 2018.

The majority, or 59 percent of the 932,724 square feet of built space are elevator buildings, with retail buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Blackstone Group owned at least 44 commercial properties with 14,164 residential units in New York City with 18,701,474 square feet and a city-determined market value of $3.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $5.9 billion in debt, with top three lenders as Wells Fargo, Morgan Stanley, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 81 percent of the 18,701,474 square feet of built space are elevator properties, with office properties next occupying 13 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Queens next at 10 percent of the space.

The buyer

The PincusCo database currently indicates that TPG Real Estate Partners owned at least three commercial properties in New York City with 1,070,638 square feet and a city-determined market value of $274.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are office properties. They are all located in Manhattan.

Direct link to Acris document. link
Direct link to Acris document. link
Direct link to Acris document. link