The Real Deal New York

System Property buys retail condos, garage at 866 UN Plaza

The building was recently converted into office condos

August 17, 2016 03:30PM
By Kathryn Brenzel

866 United Nations Plaza

866 United Nations Plaza

A Pasadena, Calif.-based real estate investor shelled out $30.1 million for retail condominiums and a parking garage at 866 United Nations Plaza.

System Property Development bought the building’s three first-floor retail units in the building for $12.6 million and the garage for $17.5 million, according to documents filed with the city’s Department of Finance on Wednesday. The units collectively span 10,842 square feet, and the garage is 41,482 square feet. Glenn Tolchin of JLL marketed the retail and garage space.

A representative for Meadow Partners, the building’s owner, did not return a call seeking comment. A spokesperson for Rudder Property Group, the company marketing the building, declined to comment.

Meadow purchased the building from Vornado Realty Group in 2013 for $200 million. The real estate firm recently converted the six-story building into office-and-retail condominiums. The building, which was built in 1965, spans a total of 471,000 square feet.

It’s not clear if System plans to buy up additional units in the office building. A representative for the company was not immediately available to discuss the sale.

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