Blackstone Nears $930 Million Deal for Manhattan Luxury Rentals (1)

Blackstone Inc. is nearing a deal to acquire luxury apartment rentals in downtown Manhattan, the firm’s latest wager on the resilience of New York real estate.

The property giant is in advanced talks to acquire a residential tower at 8 Spruce St. from Brookfield Asset Management Inc. and Nuveen for $930 million, according to people familiar with the matter. It’s also nearing the purchase of a 49% stake in One Manhattan West, a trophy office building developed by Brookfield, in a deal that values the Hudson Yards-area property at $2.85 billion.

Representatives for Blackstone and Brookfield declined to comment.

In many ways, the deal ...