Commercial condos meet needs of UN missions.

In a major real estate transaction, Manhattan-based, Essex Capital Partners, in partnership with Frydman & Company, has acquired Two Dag Hammarskjold Plaza, a 15-story, state-of-the-art, black glass office building that will be converted to a commercial condominium for sale to U.N. missions, consulates and other not-for-profit organizations. The announcement was made by Mitchell B. Rutter, President and Principal Shareholder, Essex Capital Partners.

The partnership purchased the office tower, located at 866 Second Avenue, from the Jamaican Mutual Assurance Society. Louis Buffalino, managing director, The Edward S. Gordon Company represented Essex Capital Partners and Frydman & Company in the transaction. Helmsley - Spear represented the building.

The tower, which was built in 1971 and underwent a $2.3 million exterior and interior renovation in 1994, offers 15 floors of 6,450 square feet. It is situated on Second Avenue between 46th and 47th Street, one block from the United Nations and just three blocks from Grand Central Station.

"This opportunity is unparalled in the market," said Rutter. at Two Dag Hammarskjold's unique plaza entrance, state-of-the-art internal security systems, unique floor plate designs with three walls of floor to ceiling glass and column configuration, as well as its numerous other features make it a uniquely desirable property."

As a commercial condominium, the ownership opportunity at Two Dag Hammarskjold Plaza allows organizations such as missions, consulates and other not-for-profit organizations to benefit from their exemption from real estate taxes, stabilize their occupancy costs, control their office environment, and make a timely investment in the market. Additionally, Two Dag Hammarskjold Plaza provides a more secure, cost-effective real estate solution than the common alternative of a Manhattan townhouse or brownstone purchase and renovation.

"Two Dag Hammarskjold offers missions and other U.N.-related entities a cost-effective, well-located solution to their real estate needs," said Jacob Frydman, president, Frydman & Company. "As the only commercial condominium in close proximity to the World Headquarters of the U.N. offering state-of-the-art office space for immediate occupancy, Two Dag Hammarskjold fills a huge void in the Manhattan office market."

Essex Capital Partners is a Manhattan-based real estate investment and development firm specializing in the acquisition of undervalued retail, residential, industrial and office buildings. Founded in 1991, Essex Capital Partners has earned a reputation as one of the Northeast's dominant forces in real estate acquisition and redevelopment. Under the direction of Mitchell B. Rutter, Essex Capital completed over $200 million in real estate transactions in the last year.

Two Dag Hammarskjold Plaza represents Essex Capital's second major office property acquisition in the last 12 months. Essex Capital is also a partner in the group that acquired 1500 Broadway, a 475,000 square foot, Class-A office tower in Midtown Manhattan's Times-Square-42nd Street Area. Most recently, Essex Capital acquired Lakeshore Plaza, a 110,000 square foot shopping center in Lake Ronkonkoma, Long Island. Essex Capital plans to develop a 110,000 sq.ft. expansion of the shopping center on additional adjacent acreage. Essex Capital Partners is also behind one of the largest private development projects currently underway in the United States - the redevelopment of the Rockville Mall in Rockville, Maryland. Essex Capital Partners is redeveloping the massive 7.7 acre downtown site - which is attached to the Washington Metro System - into a $300 million "Town Center" encompassing over 1.5 million square feet of office and retail space.