Locally based Studley represents the seller, locally based Macklowe Properties Inc., and brought in the buyers. The buyers pre-empted the sales process by committing to acquire it within two weeks of commencement of the marketing initiative, closing 30 days thereafter, according to a statement made by Studley.
"It [the acquisition] allows us the opportunity to create another unique project with spectacular and open vistas," says Arthur and William Lie Zeckendorf , co-chairmen of Zekendorf Development. "Plans are under way for a super high-end luxury condominium."
The 10 UN Plaza site now holds the remnants of a two-story building being demolished. "Comprising a footprint of 20,000 sf overlooking the United Nations Sculpture Garden, the East River and bordering Dag Hammarskjold Plaza, it offers spectacular views and a sense of spaciousness rarely round in development sites in the city's densely populated neighborhoods," notes Woody Heller, executive managing director and head of the capital transactions group for Studley.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.