Black Spruce Management is in contract to buy the American Copper Buildings, a pair of luxury apartment towers in Manhattan's Murray Hill, for $850 million, a source tells GlobeSt.com. The sellers are JDS Development Group and Baupost Group and Cushman & Wakefield's Doug Harmon, Adam Spies, Adam Doneger, Marcella Fasulo and Michael Collins brokered the transaction.
C&W declined to comment to GlobeSt.com.
Once this transaction closes it will be one of the city's largest residential deals of 2021, in what has been an already robust period for this asset class.
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Multifamily deals accounted for 28 of the 51 transactions Avison Young noted in its Q2 roundup of sales in the region. Multifamily deal volume in Q2 rang in at $438 million, a 100% increase off the trailing four quarter average.
Even during the depth of the pandemic in 2020, the multifamily market overwhelmingly drove transaction volume in New York City with multifamily accounting for 391 of the 1,251 transactions posted for the year, according to B6 Real Estate Advisors.
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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.
