Northeast

NEW YORK CITY — Vornado Realty Trust has completed the sale of 866 United Nations Plaza, a 360,000-square-foot office building in Manhattan, for $200 million. The New York-based real estate investment trust did not disclose the buyer’s information for the 38-story building, which occupies an entire square block between 48th and 49th streets, First Avenue and F.D.R. Drive. However, Crain's New York Business previously reported the buyer was a venture between real estate investors Meadow Partners and United Realty Partners. Major tenants at the building include the consulates of Chile, Finland, the United Nations Office of Foreign Missions and law firm Fross, Zelnick, Lehrman & Zissu. Vornado says the sale of the building resulted in net proceeds of about $146 million, after repaying existing debt and closing costs.

NEW YORK CITY — The Peebles Corp. has purchased 346 Broadway in Manhattan, a building that had been serving primarily as a courthouse, for $160 million and plans to spend more to convert the property into a five-star hotel and condominiums. Peebles purchased the property, in conjunction with the Elad Group, from the city of New York. The pair is investing $100 million, roughly one quarter of the $400 million that will be spent on the restoration, according to The Real Deal. Goldman Sachs also provided an acquisition and pre-development loan of an undisclosed amount. The remainder of funds is from other debt. Located in Tribeca section of Manhattan, 346 Broadway was designed by McKim, Mead & White as the headquarters of the New York Life Insurance Co. in 1898. It currently houses the city’s Criminal Summons Court and part of its Probations Department. Howard Michaels, chairman of the Carlton Group, represented the buyers.

PHILADELPHIA — CIT Real Estate Finance has arranged a $33 million senior secured credit facility to Exeter Property Group, a private equity real estate firm that acquires, develops and manages commercial properties across the U.S. The facility was used to finance a portfolio of seven office buildings in the suburbs of Philadelphia. CIT Bank, the U.S. commercial bank subsidiary of CIT, provided the financing. Terms of the transaction were not disclosed. This is CIT’s second transaction with Exeter Property Group this year. In March, CIT Real Estate Finance arranged a $62 million senior secured credit facility for the acquisition of industrial, distribution and R&D buildings in Mt. Olive, N.J.