Black Spruce to buy American Copper Buildings for $850M

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Josh Gotlib’s Black Spruce Management is under contract to
buy the American Copper Buildings for $850 million, according to sources.

JDS Development Group and Baupost Group are in contract to
sell the Murray Hill buildings to Manhattan-based Black Spruce Management, said
people, who asked not to be named because the details are private. The deal is
expected to close in the first half of 2022, the people said.

A Cushman & Wakefield team led by Doug Harmon and Adam
Spies were the brokers for the transaction.

The duo worked with Black Spruce earlier this year to market
their $700 million Manhattan multifamily portfolio. Isaac Chetrit’s AB &
Sons paid $200 million for a 50 percent stake in the 1,800-unit portfolio of
workforce-housing buildings that Black Spruce has accumulated over the past 12
years. The deal included 950 units in buildings situated primarily in Hell’s
Kitchen and Morningside Heights.

The brokerage firm declined to comment on the American Copper Buildings deal. And neither Black Spruce,  JDS or Baupost responded to requests for comment.

The American Copper towers, located on the East River
waterfront, are connected by a three-story bridge 300 feet (91 meters) in the
air. The properties have about 600 market-rate and 160 rent-stabilized units.
The amenities include a rooftop infinity pool, hot tub and a sky bar.

The buildings were developed by JDS Development and were
designed by SHoP Architects with interiors by SHoP and K&Co. The site the
two towers occupy was originally a 6.4-acre lot that hosted a Consolidated
Edison power plant. When the lot was owned by Sheldon Solow, the plant was razed,
and Solow paid to have the land cleaned. He later sold the plot to JDS .

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