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Savanna in contract to buy Harlem office property: sources
12-story building at 1825 Park Avenue offers 112,500 square feet
(Update: The sale closed Dec. 22 for $48 million)
Savanna is in contract to buy a 12-story Harlem office building at 1825 Park Avenue, according to sources familiar with the transaction.
Property records indicate the seller is Eugene Giscombe, a principal at Giscombe Realty Group. The 112,500-square-foot building holds about 9,000 square feet of retail space, according to Reonomy, and the property’s net operating income in 2014 was $2.58 million.
It’s unclear what Savanna is paying for the property, and a representative for the firm declined to comment.
Available office space at the building has asking rents of $35 per square foot. Representatives for Giscombe could not be immediately reached.
Savanna, a major Midtown-based real estate private equity firm run by Christopher Schlank and Nicholas Bienstock, has invested more than $2.3 billion in real estate assets since 2006. The company’s holdings include One Court Square in Long Island City And 110 William Street in Lower Manhattan. It recently made a splash selling a number of major office properties, Including 1375 Broadway to Westbrook Partners and 100 Wall Street to Cornerstone Real Estate Advisers.
Adam Pincus contributed reporting.