Blackstone pays $930M to Nuveen, Brookfield for 8 Spruce in FiDi

Blackstone Group through the entity 8 Spruce (NY) Owner LLC paid $930 million to Nuveen and Brookfield Asset Management through the entity FC 8 Spruce Street Residential, LLC for the 899-unit rental condo at 8 Spruce Street in the Financial District, Manhattan.
The deal closed on June 15, 2022 and was recorded on June 17, 2022. The property has 773,169 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,202 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 seller bought the property on December 17, 2012, for $539 million. The signatory for Nuveen and Brookfield Asset Management was Ketan Patel. The signatory for Blackstone was Qahir Madhany. Commercial Observer reported on the sale in December.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Blackstone Group purchased six properties in five transactions for a total of $100.5 million and sold one properties in one transactions for a total of $2 million over the past 24 months.

The seller Nuveen had not purchased any other properties and sold one properties in one transactions for a total of $291 million over the same time period.

The property

The 8 Spruce Street 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 $292.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing 793,301 square feet of the 1,183,086 square feet. The identified owner is Nuveen. There are no active new building construction projects on this tax block.

Surrounding

Within a 400-foot radius of 8 Spruce Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was in new building development. It was a new building permit issued on December 11, 2021 for a 178,299-square-foot R-1 building with one residential unit at 15 Beekman Street.
One of those two items was a loan which SL Green Realty borrowed $125 million from Bank of China secured by the 96,412-square-foot, 45-unit office building (O5) on 132 Nassau Street on July 29, 2020.

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