Two Dag Hammarskjold Plaza, a 15-story, black-glass office tower, has been converted to a commercial condominium, specifically geared for sale to missions, consulates and other tax-exempt organizations who want a cost-effective, well-located solution to their real estate needs.

Two Dag Hammarskjold Plaza is currently available for purchase and immediate occupancy, according to exclusive sales agent Newmark Real Estate Services.

"Two Dag Hammarskjold Plaza fills a tremendous void in the Marihattan office market," said Newmark Senior Director Jay Smith "It is the only commercial condominium in such close proximity to the World Headquarters of the United Nations offering state-of-the-art office space and, potentially, residential space for immediate occupancy."

The tower, which offers 14 floors of 6,450 square feet (equal to approximately 600 square meters), is located on Second Avenue between 461h and 47th Streets, one block away from the United Nation and just three blocks from Grand Central Station.

"This opportunity is unparalleled in the market," said Newmark Associate Erik Schmall, who is working with Smith on this assignment. "As a commercial condominium, the ownership opportunity at Two Dag Hammarskjold Plaza allows organizations such as missions and consulates to benefit from their tax exempt status, stabilize their occupancy costs, control their office and residential environments, and make a wise and timely investment in the market."

Two Dag Hammarskjold is currently nearing completion of a $2.3 million renovation, encompassing both the exterior and interior of the tower. Under the direction of architect and designer Michael Lynn, president of Project Consulting Associates, Two Dag Hammarskjold Plaza has undergone a complete landscaping transformation and thorough mechanical systern upgrade.

Specifically, the renovation includes the redesign, lighting and re-landscaping of the extended outdoor plaza, lobby renovation, and the installation of upgraded security, life-safety, elevator, HVAC, communication and electric systems.

"This tower is completely state-of-the-art," Lynn said. "We have brought it well into the 21st Century in terms of design, atmosphere and mechanical systems. It is perfectly suited for the most sophisticated users."

According to Smith and Schmall, Two Dag Hammarskjold also represents a tremendous cost-savings opportunity for missions and consulates who require first-class office space in close proximity to the United Nations, especially for organizations considering the purchase of a townhouse or brownstone.

"Prices at Two Dag Hammarskjold Plaza range from $280 to $295 per square foot," Smith said. "Prices for a townhouse near the United Nations average $500 per square foot --and that's before you add on the tremendous costs of renovation and take into account the high loss factors associated with townhouses and brownstones."

According to Lynn, a single floor at Two Dag Hammarskjold Plaza is the equivalent of three floors of a townhouse or brownstone. "Two Dag Hammarskjold Plaza is much more efficient in its layout, and it is available in near move-in condition," he added.

Condominium ownership at Two Dag Hammarskjold Plaza also enables missions and consulates to benefit from their tax-exempt status and recognize significant savings on real estate, sales and other taxes, Smith pointed out.

"A major purchaser has the opportunity to command its own, private elevator and entrance," Smith noted. "Also, the top floors of the tower are available for residential use by a major purchaser."

COPYRIGHT 1994 Hagedorn Publication
COPYRIGHT 2004 Gale Group