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UN Plaza tower planned.

A new 23-story, 100,000-square-foot office and residential tower is planned for construction this Spring across the street from the World Headquarters of the United Nations, announced developers Anthony and Vincent Albanese, of the Albanese Development Corporation.

The project, 871 United Nations Plaza, designed specifically to fulfill the needs of missions, consulates and other tax-exempt organizations, is available for build-to-suit with equity participation. The foundation for the project has been poured, and construction is slated to begin in earnest by April of 1994.

"We believe this project is the answer to the dreams of established and new consulates and missions in New York City," said Anthony Albanese, chairman of the Albanese Development Corp. "Never have they had such an ideal housing and office opportunity - brand new construction, full or multiple-floor identity, state-of-the-art security and power systems, right across the street from the world headquarters of the United Nations."

Best of all, Albanese pointed out, consulates, missions and associated government offices have the opportunity for equity participation in this development, enabling them to take advantage of their tax-exempt status as it relates to their real estate costs.

"We are in discussions with represents of governments who understand the many benefits of 871 United Nations Plaza, especially as compared to townhouse space that is not as secure or efficient," said Vincent Albanese, president of Albanese Development Corp. "We are committed to this development and believe it presents a once-in-a-lifetime opportunity for United Nations-related and other tax-exempt organizations."

The development, located at United Nations Plaza between East 48th and East 49th Streets, is diagonally across the street from the world headquarters of the United Nations and just eight blocks from Grand Central Station. It is immediately and easily accessible by car from the United Nations' 49th Street exit off the East River Drive.

The building will consist of 17 floors of 4,500 square feet and six floors of approximately 3,500 square feet of space.

"The floor plates are perfect for embassies and consulates who enjoy the prestige of a major presence in a new facility," said Sidney Rosenthal, of Newmark Real Estate Services, the exclusive agent for the tower.

Rosenthal said other features of the development, including a grand lobby with a security reception desk, high-speed, high-tech elevators controlled by the trained security desk staff for safety and efficiency, and dining/-conference room facilities complete with kitchens are equally appealing.

The project is designed to be at the cutting edge of communications technology, equipped with teleconferencing capabilities, fiber-optic and satellite systems. Other amenities, such as a gym and spa facility, will be designed with the participation of the tower's equity participants.

"Most important are the economic benefits this development offers," Rosenthal said. "The participants with ownership stakes in the project will be able to take advantage of their tax exempt status - and save on sales and real estate taxes."

Other benefits of ownership and equity participation for embassies, consulates and other related tax exempt organizations (and not-for-profit groups) include the ability to stabilize occupancy costs and take control of their office and residential environment.

"We are providing an opportunity for missions and consulates to set themselves up in the perfect location with the most ideal set of circumstances: tax benefits, long-term cost-effectiveness and control, state-of-the-art security, communications and power systems wrapped up in the quality of modern, new construction," Anthony Albanese said.

Vincent Albanese, who pointed out that foundation has already been poured at the site, added, "We are confident that the market will respond to this opportunity."

Anthony and Vincent Albanese are no strangers to development in the United Nations neighborhood. Their most notable project is 100 United Nations Plaza, the 52-story luxury residential condominium tower located on the northeast corner of United Nations Plaza and East 48th Street. The project is a standout in the crowded Manhattan market for both its famous triangular-shaped crown and its record-breaking sales prices.

Completely sold out, the project achieved average sales prices of approximately $550 per square foot on mid-rise floors and upwards of $1,150 per square foot for penthouse units.

"People around the world responded to the quality and prestige of 100 United Nations Plaza," Anthony Albanese said, "and we are positive we will have similar success with 871 United Nations Plaza."

For more information about 871 United Nations Plaza, contact Sidney Rosenthal of Newmark Real Estate Services at (212) 836-9300.
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Title Annotation:construction planned on office and residential tower for spring 1994 at 871 United Nations Plaza, New York, New York
Publication:Real Estate Weekly
Date:Nov 3, 1993
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