Successful Sale of 809 UN Plaza
Bob Knakal, alongside his dedicated team, successfully brokered the sale of 809 UN Plaza, a prime office condominium located in Manhattan’s Midtown East. The property, owned by the Institute of International Education, was sold to the Qatar Investment Authority (809 UN, Inc), a foreign government entity, for $91,000,000.
This landmark transaction underscores Bob’s ability to align the goals of diverse clients, ensuring maximum value in high-profile deals.
Sale Details
- Sale Price: $91,000,000
- Seller: Institute of International Education (Non-Profit)
- Buyer: Qatar Investment Authority (Foreign Government)
- Property Type: Office/Office Condo, User
- Sale Date: November 14, 2019
- Neighborhood: Midtown East, Manhattan
Property Highlights
809 UN Plaza offered a unique opportunity to acquire an 11-story office building in one of Manhattan’s most prestigious locations. The 54,460-square-foot property, adjacent to the United Nations headquarters, boasted exceptional value for an institutional buyer seeking a high-profile presence in New York City.
Key property details include:
- Block/Lot: 1338/7503
- Lot Size: 9,200 square feet
- Stories: 11
- Total SF: 54,460
- Price per SF: $1,670.95
The Seller: Institute of International Education
The Institute of International Education, a non-profit organization dedicated to advancing international education and exchange, chose Bob Knakal and his team for their proven track record and expertise in maximizing value for institutional sellers.
The sale of 809 UN Plaza represents a strategic move for the organization, allowing it to focus resources on its mission while achieving a record-breaking price for the property.
The Buyer: Qatar Investment Authority
The Qatar Investment Authority (809 UN, Inc), a prominent foreign government entity, recognized the strategic value of this Midtown East location. Their acquisition of 809 UN Plaza underscores the international appeal of Manhattan real estate and the enduring demand for high-quality office properties in prime locations.
Neighborhood Overview: Midtown East
Midtown East remains one of Manhattan’s most sought-after locations, home to:
- Landmarks: United Nations Headquarters, Chrysler Building, and Grand Central Terminal.
- Accessibility: Proximity to major transportation hubs and Midtown’s commercial core.
- Prestige: A hub for embassies, international organizations, and Class A office properties.
The sale of 809 UN Plaza highlights the continued appeal of Midtown East for institutional investors seeking global prominence.
Conclusion
The sale of 809 UN Plaza showcases Bob Knakal’s exceptional ability to manage complex, high-stakes transactions for institutional and international clients. His strategic approach ensured a seamless process and an optimal outcome for the Institute of International Education, securing a record $91M sale price.
This transaction reflects Bob’s commitment to excellence and his deep understanding of the Manhattan real estate market.
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