Savanna Buys, Repositions Manhattan Asset
- Dec 14, 2018
Savanna has acquired 48 W. 25th St., a 126,256-square-foot office building in Midtown Manhattan. According to Yardi Matrix, the seller was a private entity affiliated with Superior Sewing’s Lonny Schwartz. The sale was funded by an acquisition loan provided by Mesa West Capital.
The 21-story asset has a 6,629-square-foot retail component and features 16-foot ceiling heights on the ground floor and 11 to 13 feet on the office floors, abundant natural light and flexible floor layouts. Completed in 1920, the building underwent renovations in 1985. Additionally, the new owner will submit it to a $21 million capital improvement plan and leasing campaign, which will result in renovated lobby, repositioned retail space, upgraded roof and facade and refurbished vacant space on the seventh floor. Spector Group will act as the architect, while Cushman & Wakefield’s Bruce Mosler and Ethan Silverstein will handle the leasing services.
Cushman & Wakefield’s Adam Spies, Adam Doneger and Josh King represented the seller in the transaction, while a team fronted by Gideon Gil procured the buyer. Earlier this year, Savanna acquired another Manhattan asset for a whopping $640 million.
“48 W. 25th St. is situated at the epicenter of one of Manhattan’s most exciting neighborhoods, within walking distance of 12 subway lines and close to many amenities including restaurants, hotels, nightlife, shopping and Madison Square Park,” Savanna Managing Director Andrew Kurd said in a prepared statement.
Image courtesy of Yardi Matrix