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One and Two UN Plaza to get $500 million revamp | Crain’s New york Buisness
UNICEF, the United Nations agency for children, has its headquarters at another building, 3 U.N. Plaza. The city will transfer ownership of that building to UNICEF in 2026, according to the statement.
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UN Plaza buildings to get $500M revamp – 6sqft.com
Two United Nations buildings will undergo a $500 million revitalization, creating …
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Mayor Adams, Governor Hochul, and United Nations Development Corporation Announce $500 Million Development Plan for One and Two United nations plaza
NEW YORK - new York City Mayor Eric Adams, New York State Governor Kathy Hochul, and the United Nations Development Corporation (UNDC) today continued “Jobs Week” by announcing a $500 million development plan for One and Two United Nations plaza that will help create more than 1,800 jobs and infuse billions of dollars back into the city’s economy. As part of the agreement, the United …
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The UNDC will issue $380m in bonds to part-fund the project, which will be underwritten by Goldman Sachs and Siebert Williams shank.The development, which will create 1,800 jobs, is due to begin in the second quarter of 2025 and aims to complete within two years.
The UN has committed to long-term leases at buildings, which were designed in the 1970s and 1980s by Kevin Roche.
The UN Children’s Fund (UNICEF) has its headquarters at Three UN Plaza and plans to take over the building in 2026.
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Interview: UN Development Corporation Announces $500 Million Development Plan
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Read more about the UN’s $500 million development plan
Editor’s Questions and Guest’s Answers
Editor: Can you give us an overview of the recent development announcement by the United Nations Development Corporation (UNDC)?
Guest: The UNDC recently announced a significant $500 million development plan for One and Two united Nations Plaza. This initiative aims to revitalize these buildings, which were designed in the 1970s and 1980s by renowned architect Kevin Roche.The project has been labeled as part of “Jobs Week” and is expected to generate more than 1,800 jobs, injecting billions of dollars back into New York City’s economy.
Editor: How is the UNDC planning to fund this major redevelopment project?
Guest: The UNDC plans to issue $380 million in bonds to part-fund the project. This financial backing will be underwritten by Goldman Sachs and Siebert Williams Shank. This kind of funding is crucial for the success and sustainability of such large-scale developments.
Editor: What is the timeline for this development, and what are the expected outcomes?
Guest: The development is set to commence in the second quarter of 2025, with a completion date anticipated within two years. This timeline is highly targeted to ensure that the infrastructure and aesthetic upgrades can be completed efficiently. The expected outcome is not only the physical revitalization of the buildings but also a important boost to the city’s employment and economic landscape.
Editor: What role will the UN play in this redevelopment, especially regarding leases and occupancy?
Guest: The UN has committed to long-term leases for these buildings. This reassures that the buildings will maintain their original purpose while undergoing the necessary upgrades. Notably,the UN Children’s Fund (UNICEF),which already has its headquarters at Three UN Plaza,plans to occupy One and Two UN Plaza starting in 2026.
Concluding Notes
The UNDC’s $500 million development plan for One and Two United Nations Plaza represents a transformative step for both the physical infrastructure and economic landscape of New York City. By investing in modernizing these historic buildings and creating numerous job opportunities,the city stands to benefit economically and socially. The commitment from the UN through long-term leases and the involvement of UNICEF signify a robust and continuous presence, further ensuring the success of this ambitious project.
