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Carlyle pays $218M for office condos at 866 UN Plaza

866 UN Plaza (inset: Carlyle Group's Robert Stuckey)
866 UN Plaza (inset: Carlyle Group's Robert Stuckey)

The Carlyle Group is buying the remaining office condominiums at 866 United Nations Plaza for about $218 million, sources told The Real Deal. The seller was Meadow Partners.

Representatives for Carlyle and Meadow declined to comment. Meadow picked up the property in November 2013 for about $200 million, and proceeded to split the 471,000-square-foot building up into condos. Carlyle is buying the unsold office condo units, about 70 in total, with roughly 340,000 square feet of rentable space, sources said.

Carlyle [TRDataCustom] is set to close on the deal imminently, potentially by Thursday or Friday, sources said.

An Ackman-Ziff Real Estate team led by Patrick Hanlon brokered the transaction. Representatives for Carlyle and Meadow declined to comment. Representatives for the brokerage declined to comment.

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Deutsche Bank is providing financing for the acquisition, sources said.

In August, California-based investor System Property Development paid $30.1 million for three first-floor retail units and a garage at the property.

Carlyle, founded by William Conway Jr., Daniel DAniello and David Rubenstein, is one of the world’s largest asset managers and its U.S. real estate division, run by Robert Stuckey, is among the most voracious property buyers in New York. Recent deals include 106 Spring Street for just shy of $100 million (in partnership with 60 Guilders), and 505 West 19th Street, where it bought its partner HFZ Capital Group out of the project’s remaining condo units. In January, the firm announced it was looking to raise $5 billion for its eighth real estate fund.

Meadow was founded in 2009 by Westbrook Partners alums Jeffrey Kaplan and Timothy Yantz. It raised its first fund that same year, and aggressively bought up several properties including 655 Fifth Avenue and the Helen Keller headquarters in Downtown Brooklyn.

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