Meadow’s UN Plaza office building goes condo

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

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
Capstone Equities' Joshua Zamir and Renwick Hotel at 118 East 40th Street (TripAdvisor)
New owner Capstone revives Midtown’s Renwick Hotel
New owner Capstone revives Midtown’s Renwick Hotel
80-90 Maiden Lane and Meadow Partners managing partner Jeffrey Kaplan (80 Maiden Lane, Meadow Partners)
Meadow Partners scores $259M CMBS loan at 80-90 Maiden Lane
Meadow Partners scores $259M CMBS loan at 80-90 Maiden Lane
The Noble St. property and Davean Holdings’ David Lloyd and Sean Lefkovits (Davean, Google Maps)
Davean Holdings, Meadow Partners buy 12 properties in Manhattan and Brooklyn
Davean Holdings, Meadow Partners buy 12 properties in Manhattan and Brooklyn
218 West 18th Street and Columbia Property Trust’s Nelson Mills (Google Maps, Columbia Property)
Columbia Property unloads Chelsea office for $170M
Columbia Property unloads Chelsea office for $170M
110 East 42nd Street with SL Green's Marc Holliday and Meadow Partners' Jeffrey Kaplan (SL Green, NYU Photo Bureau, Meadow Partners)
SL Green unloads Midtown building for $117M
SL Green unloads Midtown building for $117M
Asher Edelman and 111 East 70th Street (Getty, Google Maps, iStock)
Ugandan government sues art dealer over UES rent
Ugandan government sues art dealer over UES rent
Senegal House renderings (left) and 235 East 44th Street (right (Credit: Urbahn Architects and Google Maps)
Senegal sued again over Midtown tower project “clouded with corruption and cronyism”
Senegal sued again over Midtown tower project “clouded with corruption and cronyism”
29 Beekman Place and Princess Ashraf Pahlavi (Getty, Courtesy of Zillow)
Inside the battle for an Iranian princess’ Midtown mansion
Inside the battle for an Iranian princess’ Midtown mansion
arrow_forward_ios

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

Loading...