New York by Gehry for Sale
8. November 2021
The 76-story metallic tower sits atop a six-story brick base housing an elementary school and hospital facilities. (Photo: John Hill/World-Architects)
The Real Deal is reporting that the 76-story residential tower at 8 Spruce Street in Lower Manhattan designed by Frank Gehry and that goes by the name New York by Gehry is for sale, with an asking price of $850 million.
The 870-foot-tall tower was completed in 2011, closely following the financial crisis that rocked the residential market in and well beyond New York City. Designed by Gehry for Forest City Ratner, the building (originally called Beekman Tower) opened with the designation of the tallest residential building in the Western Hemisphere. That title didn't last long, but the undulating facades that cover three sides of the tower — the signature Gehry flourish — give it a lasting presence on the Lower Manhattan skyline.
The Real Deal article dated November 3 states that Brookfield Property Partners and Nuveen, the current owners of the building (Brookfield bought Forest City in 2018), have put the building up for sale with Eastdil Secured. The article describes the building as one "that has typified the city’s ups and downs," from its construction in the midst of the recession (the tower lost 20 floors during the crisis) to a nearly 25% vacancy rate of its approximately 900 rental units last year. The tower has bounced back from the pandemic, with a vacancy rate of reportedly just 6%. Units in the building, ranging from studios to 4-bedroom penthouses, have averaged around $5,500, per StreetEasy, with current vacancies averaging higher, at approximately $6,300.