Sale of the Retail/Residential Condo at FiDi’s 8 Spruce Street Closes

The mixed-use tower located at 8 Spruce Street, known for its rippled steel façade, has a new owner. According to city records the entity 8 Spruce (NY) Owner LLC, reportedly associated with investment firm Blackstone, has purchased the 773,169-square-foot retail and residential condo unit for $930 million, or roughly $1,203 per square feet. The 76-story tower initially dubbed Beekman Tower, and later re-branded New York by Gehry, opened in 2011 and hosts approximately 899 residential units and 2 retail units. News of a nearing sale by Brookfield Asset Management and Nuveen under the entity FC 8 Spruce Street Residential, LLC initially surfaced in December 2021, reports at the time noting that if the deal moved forward, Blackstone would assume the $550 million commercial mortgage-back securities loan secured in 2014 from the New York Housing Development Corporation (NYCHDC).

Although not part of the transaction, the Lower Manhattan property also hosts the 83,170-square-foot Spruce Street School, PS 297; a 20,132-square-foot space housing the New York Downtown Hospital, also known as New York Presbyterian/Lower Manhattan, which previously owned the former parking lot upon which the tower was constructed; and a 25,294-square-foot parking garage.

Referenced Source: https://www.pincusco.com/blackstone-pays-930m-to-nuveen-and-brookfield-asset-management-for-8-spruce-in-financial-district/

Referenced Source: https://commercialobserver.com/2021/12/blackstone-nears-deal-for-luxury-rental-apartments-930m/