Marking one of the largest residential deals in New York City in the past decade, a joint venture of Blackstone Real Estate Partners VIII and Fairstead Capital closed on the acquisition of a 24-building portfolio from B&L Management Company and developer the Caiola family for $690 million.

The two dozen, mid-size residential buildings contain 997 free-market rental units. The properties are mainly located in Chelsea and on the Upper East Side with a couple of buildings in outlying neighborhoods. Sample addresses in the portfolio include 250 W. 19th St., the largest building in the group, and 31 E. 31st St.

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