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Here's How to Own Up to 49 Percent of New York by Gehry

Before it gets ousted as the city's tallest residential building (the countdown is well underway), the owners of New York by Gehry are hoping to make a little money off the thing. They're trying to sell a stake in the building?up to 49 percent of it, in fact. Depending on how much the developers get for the building?the Journal doesn't indicate a precise price?the building could end up valued at more than $1 billion. Reasons why an investor might want to buy in: the building is 80 percent rented, with prices that range from $3,750/month for 1BRs to $60,000/month for penthouses; and Gehry himself will be occupying the building when he's in New York. And given tenants' amenity complaints, investing in the building might be a better bet than actually living in it.
· Gehry Spire Stake on Block [WSJ]
· New York by Gehry coverage [Curbed]

New York By Gehry

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