Search
 

Education Institute Buys 88,000 SF at 809 United Nations Plaza

NEW YORK CITY-The property, which was sold by the Institute a few years ago, was facing foreclosure at the time of the purchase and under a court-imposed deadline of three weeks for the new owner to come up with the money. The deadline was met with 24 hours to spare.

By John Howe | Updated on August 03, 2001

NEW YORK CITY-Approximately 88,000 sf of office space has been bought by the Institute of international Education in the commercial condominium at 809 United Nations Plaza here. To help finance the purchase, IIE, which administers student exchange programs, sold two floors in the building of 17,000 sf to the Saudi Arabia government for about $12.5 million.

The Institute sold the 106,000-sf building two and half years ago to an investor group based in Tokyo and the Foundation for the Support of the United Nations. At the time of the current purchase, the building was facing foreclosure and a court-imposed deadline requiring IIE to come up with the money in three weeks. If it did not, the property would have reverted to the mortgagees, Ben Winter and Melvin Heller, who paid roughly $16 million for the mortgage, according to Gil Robinov, senior executive managing director at GVA Williams, who brokered the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.