Meadow’s UN Plaza office building goes condo
The 471,000-square-foot office building is among the first since 2008 to convert
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