Blackstone is in advanced talks with Brookfield Asset Management and Nuveen to buy the residential tower at 8 Spruce St., for $930 million, according to a report in Bloomberg, which cited sources familiar with the matter.
Located near the Brooklyn Bridge, the 899-unit property was 95% occupied in November, the sources said. Like much of the city's apartment market, occupancy had dropped during the first year of the pandemic, reaching below 75%, Bloomberg noted, citing Trepp figures.
Eastdil Secured is advising Brookfield on the sale, according to Bloomberg.
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These talks appear to be taking place in tandem with the advanced discussions Blackstone is having with Brookfield Asset Management and Qatar Investment Authority to acquire a 49% stake in One Manhattan West.
That deal could value the skyscraper at $2.85 billion.
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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.
