Savanna picks up Madison Square retail condo for $60M

The Witkoff Group and Morgan Stanley Real Estate Investing have sold a 20,676-square-foot retail condominium at 10 Madison Square West to private equity and asset management firm Savanna for $60 million.

The sale comes as the Witkoff and Morgan Stanley team is in the process of redeveloping the 16-story building into a 23-story luxury condominium. About 85 percent of the 125 units are already sold. Upon completion of the work, the retail space in the building will feature roughly 12,000 square feet of corner ground floor and basement space.

“The property’s prime corner location at the intersection between Fifth Avenue and Broadway, two of Manhattan’s most prestigious retail avenues, at Madison Square Park makes it an ideal option for a large global retailer to establish their flagship Manhattan store,” Cooper Kramer, vice president of Savanna, said in a statement.

Eastdil Secured’s Adam Spies and Douglas Harmon represented the seller in the deal, while Amy Zhen and Jeffrey Roseman of Newmark Grubb Knight Frank will work with Savanna in the firm’s efforts to lease the space. [NYO] — Julie Strickland