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]