Blackstone Group signs $550M refi for 899-unit 8 Spruce in FiDi

Blackstone Group through the entity 8 Spruce (NY) Owner LLC as borrower signed a refi loan with lender NYC Housing Development Corporation valued at $550 million for the 899-unit rental condo at 8 Spruce Street in Financial District, Manhattan.
The deal closed on December 6, 2024 and was recorded on December 11, 2024. The prior lender was Series 2014 Bonds which held debt that had an original loan amount of $550 million.The property has 773,169 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $711 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on June 15, 2022, for $930 million. The signatory for Blackstone Group was Brian Lin. The signatory for NYC Housing Development Corporation was Lauren Connors.

The property

The rental condo with 899 residential units in Financial District has 773,169 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 773,169 square feet. The property has a 421A exemption that started in 2012 and expires in 2032. The city-designated market value for the property in 2022 is $311.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

There are no active new building construction projects on this tax block.

The borrower

The PincusCo database currently indicates that Blackstone Group owned at least 44 commercial properties with 14,226 residential units in New York City with 17,042,273 square feet and a city-determined market value of $3.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $1.6 billion in debt, with top three lenders as Morgan Stanley, Wells Fargo, and New York Life Insurance Company respectively. Within the portfolio, the bulk, or 90 percent of the 17,042,273 square feet of built space are elevator properties, with office properties next occupying 3 percent of the space. The bulk, or 84 percent of the built space, is in Manhattan, with Queens next at 12 percent of the space.

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