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Murray Hill Apartment Towers Under Contract for $850M
In one of New York’s largest residential deals since the beginning of the pandemic, JDS Development Group and Baupost Group are in contract to sell the American Copper Buildings, a pair of luxury apartment towers in Murray Hill, to Manhattan-based Black Spruce Management, according to sources familiar with the transaction. Black Spruce is set to pay $850 million for the towers on the East River waterfront.
Sources said Cushman & Wakefield’s Doug Harmon, Adam Spies, Adam Doneger, Marcella Fasulo and Michael Collins brokered the transaction. The firm declined to comment.
The pending sale occurs as Manhattan’s rental market has rebounded from the pandemic, with young people returning to the city and employers calling workers back to offices, Bloomberg News reported. The median rent jumped 23% from a year earlier to $3,369, a record increase, according to a report Thursday from Miller Samuel Inc. and Douglas Elliman Real Estate.
- ◦Sale/Acquisition
