Report: Blackstone in Talks to Buy Residential Tower for $930M
At the same time it is reportedly negotiating to buy a stake in One Manhattan West.
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.
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.