UN Plaza buildings to undergo $500M facelift

Two major United Nations buildings in Manhattan will be renovated in a $500 million project, helping the organization consolidate its office footprint in the city.The United Nations Development Corp. is redeveloping 1 and 2 United Nations Plaza, two office buildings located across First Avenue from the organizations’ headquarters, according to a statement Monday. Construction is expected to start in the second quarter.UNDC, a public benefit corporation established in 1968 that operates the buildings, plans to issue as much as $380 million in bonds, with Goldman Sachs Group Inc. and Siebert Williams Shank working as underwriters.The renovation will help upgrade the midtown Manhattan buildings that were designed in the 1970s and 1980s. The two towers, owned by New York City, are currently being used as office space for the U.N. community, with a privately owned hotel on the top floors.With the renovations, the United Nations will consolidate its office spaces across the city into the two buildings. The group has also agreed to long-term leases of the space.The project covers about 900,000 square feet and will upgrade the towers’ lobbies, restrooms and common areas, as well as adding an indoor bicycle parking area.“Projects like this create good-paying jobs, drive economic growth, and reinforce our position as the global capital of commerce and diplomacy,”  Gov. Kathy Hochul said in the statement.UNICEF, the United Nations agency for children, has its headquarters at another... Continue reading at 'Crains New York'

[ Crains New York | 2025-02-03 18:32:33 UTC ]

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