Blackstone Acquires Multifamily Property In Financial District For $930M

Located at 8 Spruce St in the Financial District, this multifamily property has recently been sold in a closed transaction. The property spans over 1,109,231 square feet, offering a total of 899 units. The sale price for this transaction was $930,000,000, resulting in an average price per unit of $1,034,482 and a price per square foot of $838.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $930,000,000
• Units: 899
• Price per Unit: $1,034,482
• Square Footage: 1,109,231
• Price per Square Foot: $838

The sale was facilitated by Eastdil Secured, with brokers Will Silverman, Gary Phillips, Jeff Organisciak, and Drew Isaacson representing the parties involved. The buyer of the property was Blackstone, while the sellers were Brookfield Properties and NuveenINV.