Meadow, United in $200M contract for 866 UN Plaza

New York /
Nov.November 08, 2013 12:53 PM

Investment firms Meadow Partners and United Realty Partners have entered into a binding contract to acquire Vornado Realty Trust’s 360,000-square-foot office property at 866 United Nations Plaza for $200 million, insiders confirmed to The Real Deal.

Vornado announced the sale of the property earlier today, but declined to name the buyer.

Darcy Stacom and her CBRE Group team had been tapped to market the office portion of the double-tower 866 UN Plaza. Representatives from CBRE did not immediately respond to messages about the deal.

Jeffrey Kaplan, managing partner of Meadow Partners, declined comment as did a representative for Vornado. United Realty Partners did not immediately return messages.

According to a news release, Vornado will see a net gain of $146 million on the sale, which is expected to close by the end of the year.

Vornado will also be deferring its tax gain from the sale through a “like-kind” exchange in which it’s buying a 92.5 percent stake in 655 Fifth Avenue, a 57,500-square-foot retail and office property for $277.5 million, according to the release.

Vornado CEO Steven Roth said earlier this week that the REIT, which had a rough third quarter, would continue to sell assets in 2014, as The Real Deal reported.

Meadow previously partnered with Ben Shaoul’s Magnum Real Estate Group to buy seven East Village properties with 115 residential units and retail for $25.1 million. In April, this East Village portfolio was sold off to a Kushner Companies-led group for $49 million.


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