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8 Spruce Street

Updated Dec 17, 2024

Stephen A. Schwarzman Of Blackstone Group Secures $550M Refinance Loan For 8 Spruce Street
FINANCEDCondo

Stephen A. Schwarzman Of Blackstone Group Secures $550M Refinance Loan For 8 Spruce Street

8 Spruce Street

$550,000,000

$711/SF

Building Size

773,169 SF

Asset Type

Condo

Closing

Dec 6, 2024

About this deal

AI

The transaction involves a condo located at 8 Spruce Street in the Financial District of Manhattan. The asset comprises 773,169 square feet and consists of 899 units. The loan amount associated with this refinance transaction is $550,000,000.

Summary of transaction details:

The key individuals involved in this transaction include Eric Enderlin representing NYC Housing Development Corporation as the lender, and Stephen A. Schwarzman from Blackstone Group acting as the landlord. The brokerage team from Eastdil Secured consists of Gary Phillips, Will Silverman, Grant Frankel, and Ethan Pond, who facilitated the transaction.

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$550,000,000

$711/SF

Condo

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Players

Ethan Pond

Eastdil Secured Savills

Broker

$13.9B

vol

31 deals

Broker
NYC Housing Development Corporation
NYC Housing Development CorporationLender
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Deal FAQ

About $711 per square foot on a published $550M for 773,169 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.03%

Cash-on-Cash

-0.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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