**Blackstone Partnership Seeks Sale of NYC Commercial Property Debt**
A joint venture involving Blackstone is looking to sell approximately $395 million in commercial-property loans in the New York area, offloading part of the Signature Bank debt it acquired in 2023, according to Bloomberg News. The partnership, which includes Canada Pension Plan Investment Board and Rialto Capital, is offering a portfolio of 121 performing loans backed by office, apartment, retail, and industrial properties.
While the majority of the assets are concentrated in New York City, some properties extend into the broader Tri-State area. A Newmark team led by Doug Harmon and Adam Spies is handling the marketing of the debt, with initial bids due by March 25.
Blackstone and its partners initially acquired a 20% stake in a joint venture that held about $17 billion in loans from Signature Bank following its collapse. Since then, the group has sold portions of the debt to Morgan Stanley and Maverick Real Estate Partners.
