42 structures will be built, which are essentially boats without the propulsion, and will completed by the end of 2016. The floating properties were designed and engineered to be part of "The World," Dubai's large artificial island project.
The Blackstone Group LP, the biggest landlord in the country with tens of thousands of residential units, is investing in Oakland, becoming the largest real estate player yet to arrive here.
Real estate has overtaken private equity as Blackstone's most high-profile and lucrative business, and the company now has the world's biggest private real estate investment business. Real estate accounted for 43 percent of Blackstone's economic net income in 2014.