Zeckendorf Kicks Off Development of $500M Condo Project Near United Nations

A groundbreaking event has marked the start of 50 United Nations Plaza, an upscale condominium property adjacent to the United Nations headquarters in Manhattan.

A groundbreaking event has marked the start of 50 United Nations Plaza, an upscale condominium property adjacent to the United Nations Headquarters in Manhattan. Zeckendorf Development L.L.C. has partnered with Global Holdings Inc. to erect the 87-unit residential tower at a cost of, a source familiar with the project told Commercial Property Executive, approximately $500 million.

Size matters and 50 United Nations will not be lacking in that area. Residences will range in size from 1,100 square feet for a one-bedroom to 6,000 square feet for a full-floor home in the 44-story building. And for those seeking just a tad more elbowroom, a 10,000-square-foot, two-story penthouse will be up for grabs.

London-based Foster + Partners is the architect behind the property, which, with its vertical stacks of bay windows and additional unique features, is designed to, as Zeckendorf co-chairman Arthur W. Zeckendorf noted in a press release, “set new standards for luxury living and create one of the most memorable residential buildings in the world.”

In addition to a parking facility with one space per unit, the property will feature 5,000 square feet of ground-level retail and restaurant offerings.

Of course, given 50 United Nations’ proximity to the multi-million-square-foot and growing United Nations headquarters, the hoard of individuals who spend their days at the complex, will constitute a large part of the project’s target market, per the source.

The development’s Midtown East location also bodes well for sales. As per reports by residential brokerage firm Citi Habitats, there has been “very little new development inventory” in the submarket this year. Zeckendorf expects to open the doors of 50 United Nations in late 2014.