NEW YORK CITY-Following earlier, unconfirmed reports that the76-story New York by Gehry at Eight Spruce Street apartment towerwas being recapitalized, Forest City Ratner Cos.,TIAA-CREF and National Real EstateAdvisors made it official just before the Christmasholiday. The three organizations announced that TIAA had acquired a49% equity ownership in the residential portion of the 898-unithigh-rise in Lower Manhattan, currently the tallest apartment towerin the US and valued at $1.05 billion in the recap. It's thehighest valuation ever for a US multifamily property, according toReal Capital Analytics.

Original partners FCRC and NREA are retaining stakes of 26% and25%, respectively. Before TIAA entered the picture, FCRC was 51%equity owner, while NREA controlled 49%.

In a statement, Bruce Ratner, chairman and CEOof FCRC, says the valuation of New York by Gehry is “the result ofa tremendous amount of planning and care, with respect toeverything from site selection to the building's world-class designand top-tier amenities and management. Our goal has been to bringcondominium-quality living to the luxury rental market, and it isclear today that we have succeeded.”