Solow pushes his land for U.N. development

August 12, 2011 03:53PM

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Sheldon Solow

Developer Sheldon Solow met with city officials last week in a last-ditch effort to plead his case for constructing the new United Nations building to make better use of nine acres he owns along First Avenue just south of the current United Nations site, Crain’s reported.

Solow’s plan to construct seven towers on his property has stalled, so he wants the city to consider it for the United Nations project, Crain’s said. Solow proposes that the city build the new tower on his nine-acre site, or across the street from the current U.N. building, at Robert Moses Playground on First Avenue and East 42nd Street, and replace the playground on his property. Solow already sold part of his massive First Avenue holdings to the city for $33 million in 2010.

But Crain’s said it is unlikely Solow’s proposal is chosen because it doesn’t offer a way to finance redevelopment of the East River Promenade between 38th and 59th streets, a key component of the plans currently being tossed around. Seven hundred U.N. employees are currently working out of a 16-story building at 305 East 46th Street that Gary Barnett’s Extell sold for $114 million in May.

The United Nations has been seeking a new building for some time, and will meet in the fall to discuss its real estate needs. [Crain’s]