Located at 8 Spruce St. in New York's Financial District is the New York by Gehry. The 76-story apartment tower sports one of Manhattan's most interesting designs, with the exterior appearing to be crinkled halfway down the south façade. Built in 2011, the 800-unit building, which also houses an elementary school, was praised in the New York Times by critic Nicolai Ouroussoff as "the finest skyscraper to rise in New York since Eero Saarinen's CBS Building went up 46 years ago".

And yet, according to Trepp, first-time servicer watchlists indicate that the tower's occupancy has fallen by more than 20% since 2019.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.