Meadow’s UN Plaza office building goes condo

The 471,000-square-foot office building is among the first since 2008 to convert

TRD New York /
Feb.February 04, 2015 10:00 AM

Private real estate firm Meadow Partners launched sales on Wednesday at 866 United Nations Plaza, its converted 471,000-square-foot class A office building on 48th Street between First Avenue and FDR Drive.

Rudder Group is exclusively marketing the building, located at 866 United Nations Plaza, right across from the United Nations headquarters, according to the Wall Street Journal. Meadow converted the six-story property to a commercial condominium that contains office, retail and garage uses.

The property at 866 United Nations Plaza is a six-story building at the base of two 32-story luxury residential towers. Meadow bought the building from Vornado Realty Trust for $200 million as reported by The Real Deal.

“Ownership has long been a preference in the United Nations submarket,” said Rudder Property Group principal Michael Rudder in a statement. “Converting 866 United Nations Plaza to an office condominium is satisfying an unmet demand for tenants who want an office in this area and who recognize the benefits of ownership.”

Office condo space in the city only comprises 2 percent of the city’s 500 million square feet of office space, the Wall Street Journal reported. There has been little new office condo supply since 2008. Last year, a 47,551-square-foot Chinatown building converted to condo, the newspaper reported. [WSJ] — Claire Moses 


Related Articles

arrow_forward_ios
Goldman CEO David Solomon and 1 Flatbush Avenue (Credit: Michael Kovac/Getty Images; Hill West Architects)

Goldman reactivates real estate platform in NYC with big DoBro buy

Goldman reactivates real estate platform in NYC with big DoBro buy
29 Beekman Street (Credit: StreetEasy; Google Maps)

Midtown East mansion with ties to shah of Iran gets another steep price chop

Midtown East mansion with ties to shah of Iran gets another steep price chop
227-235 East 44th Street and Senegalese President Macky Sall (Credit: Google Maps; Sall by Abdulhamid Hosbas/Anadolu Agency via Getty Images)

A decade later, Senegal buys $25M worth of condos near UN

A decade later, Senegal buys $25M worth of condos near UN
Highgate Hotels’ Mahmood Khimji with the Gregory Hotel at 42 West 35th Street (Credit: Khimji via Sean Zanni/Patrick McMullan via Getty Images; Google Maps)

Pandemic ignites battle over unpaid wages at Manhattan hotel

Pandemic ignites battle over unpaid wages at Manhattan hotel
809 First Avenue and QIA CEO Mansoor Bin Ebrahim Al-Mahmoud (Credit: Google Maps)

Qatar state fund drops $91M on property near UN

Qatar state fund drops $91M on property near UN
From left: 295 Fifth Avenue, 3 World Trade Center, 50 Rockefeller Plaza (Credit: Google Maps, Wikipedia)

These were NYC’s top office leases in October

These were NYC’s top office leases in October
1 Flatbush Avenue and the site at 570 Fulton Street (Credit: Google Maps)

Pair of DoBro properties up for sale by Slate, Meadow Partners

Pair of DoBro properties up for sale by Slate, Meadow Partners
275 Park Avenue in Brooklyn (Credit: StreetEasy)

“Chocolate” building near new Wegmans satisfies sweet tooth for free-market deals

“Chocolate” building near new Wegmans satisfies sweet tooth for free-market deals
arrow_forward_ios

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

Loading...