The Real Deal New York

System Property buys retail condos, garage at 866 UN Plaza

The building was recently converted into office condos
By Kathryn Brenzel | August 17, 2016 03:30PM

866 United Nations Plaza

866 United Nations Plaza

A Pasadena, Calif.-based real estate investor shelled out $30.1 million for retail condominiums and a parking garage at 866 United Nations Plaza.

System Property Development bought the building’s three first-floor retail units in the building for $12.6 million and the garage for $17.5 million, according to documents filed with the city’s Department of Finance on Wednesday. The units collectively span 10,842 square feet, and the garage is 41,482 square feet.¬†Glenn Tolchin of JLL marketed the retail and garage space.

A representative for Meadow Partners, the building’s owner, did not return a call seeking comment. A spokesperson for Rudder Property Group, the company marketing the building, declined to comment.

Meadow purchased the building from Vornado Realty Group in 2013 for $200 million. The real estate firm recently converted the six-story building into office-and-retail condominiums. The building, which was built in 1965, spans a total of 471,000 square feet.

It’s not clear if System plans to buy up additional units in the office building. A representative for the company was not immediately available to discuss the sale.