We recently participated on a private tour of the skyscraper New York by Gehry at 8 Spruce Street in downtown Manhattan, organized by building developer Forest City Ratner. On this tour, we learned many secrets and fun facts about this unique building and the role it has played in downtown Manhattan following 9/11.
Lobby of New York by Gehry
With many grand projects in New York City, many pieces had to come together for the skyscraper to become a reality. One of the most crucial: financing. The construction budget was $680 million and developer Forest City Ratner got the deal through a combination of bonds and a federal program called the Liberty Bonds program, created after 9/11 to spur redevelopment. The deal closed on March 28, 2008, as the financial crisis began to hit the public, and four days after the class action lawsuit against J.P. Morgan was filed for its acquisition of Bear Stearns. As MaryAnne Gilmartin, president and CEO of Forest City Ratner says, ” “Two weeks after closing the loan, it could not have been replicated,” because of the unrest in the market.