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Pasadena Company Purchases Property in United Nations Plaza in New York City

Published on Thursday, August 18, 2016 | 1:21 pm
 

Pasadena-based System Property Development Company has acquired three first-floor retail units and a garage at 866 United Nations Plaza in New York City for $30.1 million, New York real estate industry magazine The Real Deal reports.

The magazine said documents filed with New York’s Department of Finance show System Property paid $12.6 million for the three retail units, and $17.5 million for the garage. The three units span about 10,842 square feet and the garage is about 41,482 feet.

Meadow Partners purchased the six-story building from Vornado Realty in 2013 for $200 million and converted it into office space and retail condominiums.

It is not clear whether System Property plans to purchase additional units in the office building, The Real Deal said.

The building, which was built in 1965, spans a total of 471,000 square feet.

System Property Development Company was founded in 1920 by Jack Hazard, under the name of Motor Parks, Inc. Today, System has a national parking real estate portfolio in states across the country.

The company owns a national real estate portfolio of office, retail and parking properties in six states and ten cities from New York to Los Angeles. System has 96 year history as an industry leader in the ownership, operations and construction of parking facilities throughout the United States.

David Damus is System’s current CEO.

System Property is located at 975 E Green Street in Pasadena

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