Real Deal calls it "litmus test" for residential market's health
Eight Spruce Street (aka “the Gehry building”) is up for sale, according to the Real Deal [1]. Asking price: $850 million.
The 76-story apartment tower, which houses the Spruce Street School, lost nearly a quarter of its tenants during the pandemic, but has rebounded and is now 94% rented, the real estate site reported.
Owned by Brookfield Property Partners and Nuveen, an international investment management company, the Frank Gehry-designed tower was the tallest residential building in North America when it opened in 2011.
“One of the biggest listings of its kind since the start of the pandemic, investors are viewing it as a litmus test for the health of the city’s multifamily rental market,” The Real Deal said.
Links:
[1] https://therealdeal.com/2021/11/03/lower-manhattans-gehry-apartment-tower-for-sale-asking-850m/