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Deals & Dealmakers

Over $86M in sales at 866 United Nations Plaza

Over $86 million of office, retail and garage condominium sales at 866 United Nations Plaza have closed or are under contract.

The exclusive sales and marketing agent for the 471,000 s/f development is Rudder Property Group, a New York-based office condominium specialist.

“We have seen extremely strong sales activity at 866 United Nations Plaza, as there are few, if any, office condominium projects of this caliber in the market. Office condominium ownership has significant benefits for all types of office users, including businesses, non-profits, non-governmental organizations, foreign missions and consulates, all of whom have purchased in the building,” said Michael Rudder, Principal of Rudder Property Group.

“The average sale price of the deals closed at 866 United Nations Plaza is approximately $1,000 per square foot, which is a tremendous value for such a prestigious building. The United Nations submarket has also become a highly coveted neighborhood, with many organizations vying to secure space near the expanding United Nations headquarters.”

Rudder and colleague Mike Heller represented the sponsor in the office condominium sales.

Among the deals, the National Spiritual Assembly of the Baha’is of the United States purchased a 9,938 s/f office condominium for $12,400,000. This condominium, which included an additional mezzanine space, will serve as the United Nations office for the international, non-governmental organization. James Saunders of Newmark Grubb Knight Frank represented the purchaser in the transaction.

The Government of Monaco purchased a 7,031 s/f office condominium for $9,000,000 for its permanent mission to the United Nations. Steven Kaufman of Hanley Advisors, LLC represented the purchaser in the transaction.

MGRM Holding, Inc. purchased a 3,563 s/f office condominium for $3,563,000. MGRM is a technology company that has created educational performance analysis software. The company is relocating from 20 Broad Street in Lower Manhattan, where it had been a long-term tenant. Mike Bhuiyan from DJK Residential represented the purchaser in the transaction.

Kinetic Solutions purchased a 646 s/f office condominium for $760,000. The purchaser is the founder of Rabbit Air, a Los Angeles-based manufacturer of air purification systems. Pascual Ortiz from Douglas Elliman represented the purchaser in the transaction.

Other buyers included The Egyptian Building Fund Authority and the Ministry of Egyptian Foreign Affairs, The Permanent Mission of the Republic of Djibouti and The Military Office of Angola.

Systems Property Development purchased the retail and garage portion of the building for $31,150,000. The Pasadena-based buyer has been an owner of parking facilities since 1920. Glenn Tolchin from JLL represented the sponsor in the transaction.

Heller, Director of Office Leasing and Sales for Rudder Property Group, added, “We believe that 866 United Nations Plaza is a very diverse and prestigious condominium community that is unique in New York City.

“Buyers at the property understand that by investing in the office condominium, they are able to lock in occupancy costs and ensure long-term control of their office space. They will also be protected from Manhattan’s rising office rents and will no longer be subjected to the displacement risks associated with the end of a lease term.”

Located on East 48th Street between First Avenue and the FDR Drive, 866 United Nations Plaza is a six-story Class-A office building.

Select units remain available for purchase ranging from less than 1,000 to over 100,000 contiguous square feet.

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