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American Copper Buildings Manhattan

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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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