The Real Deal New York

Republic of Turkey purchases East 46th Street rental building for staff quarters

September 06, 2011 01:41PM
By Katherine Clarke

The Republic of Turkey has purchased a small five-story rental building at 342 East 46th Street and First Avenue near the United Nations headquarters for $5.1 million, according to public records filed with the city today.

Though a spokesperson for the Turkish authorities was not immediately available for comment, a representative of the seller, real estate investment firm Heritage Realty, based at 619 West 54th Street, said the Republic of Turkey bought the building to accommodate its New York City-based staff. It owns adjoining lots, including a parking facility at 344 East 46th Street, and plans to develop apartments at 342 East 46th Street, he said.

“They own adjacent lots and 14,000 square feet of air rights,” Michael Aryeh, manager of Heritage, said. He also said the transaction, which closed Aug. 24, had been a direct sale, with no brokers involved.

The property, which currently houses seven rental apartments and one commercial store, last changed hands in 2000, for an unknown amount, public records show.

The Republic of Turkey currently owns various East Side buildings, including part of 300 East 33rd Street.

The U.N. building itself is expanding to accommodate more staff.

Legislation signed by Governor Andrew Cuomo in July will allow the U.N. to build on the site of public parkland on the east side of the current building, further closing the gap between the buildings and Manhattan’s waterfront.

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