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.


Related Articles

arrow_forward_ios
The New York Life Sciences and Biotechnology Center at First Avenue and 41st Street (NY Life Sciences)
Life sciences leasing breaks annual record in five months
Life sciences leasing breaks annual record in five months
Manhattan sublease surge shows signs of slowing
Manhattan sublease scourge finally abates
Manhattan sublease scourge finally abates
Smaller retailers are snapping up Manhattan’s empty storefronts for shorter, cheaper leases (iStock)
Small retailers slip into city’s empty storefronts on the cheap
Small retailers slip into city’s empty storefronts on the cheap
Newmark CEO Barry Gosin and CBRE CEO Robert Sulentic with (from top) Chris Cowan, Shane Ozment and Terrance Hunt (Getty)
Newmark sues brokers who jumped to CBRE for violating non-compete
Newmark sues brokers who jumped to CBRE for violating non-compete
Paramount CEO Albert Behler and 60 Wall Street (Getty, Paramount Group)
Paramount Group plans $250M facelift for 60 Wall
Paramount Group plans $250M facelift for 60 Wall
Commercial real estate investment was harder-hit in the New York metro and Bay Area than in Greater Los Angeles. (iStock)
LA was top spot for commercial property investment in Covid-ravaged year
LA was top spot for commercial property investment in Covid-ravaged year
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...