Insights from TRD: Bob Knakal considers 8 Spruce Street’s competition

Rentals in the Frank Gehry-designed tower 8 Spruce Street located near City Hall are going to start next year at about $80 per square foot. One real estate insider said the blended price for the entire 900-unit building — which will be the tallest residential building in the city — could be more than $90 per square foot. This week in Insights from The Real Deal, we spoke with investment sales broker Robert Knakal, chairman of Massey Knakal Realty Services, about comparables that may be used to determine leasing prices in the tower, and what impact the building could have on land values going forward. The project, formerly known as Beekman Tower, is being built by Forest City Ratner, with marketing and leasing by Citi Habitats Marketing Group. The building’s rental website lists prices for studios through three-bedrooms from $2,000 to $15,000-plus. TRD