The Real Deal New York

Savanna puts 21 Penn Plaza on the market for $250M

Real estate investment firm aims for 80 percent gain three years after $137M purchase

July 15, 2014 03:10PM

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From top: Savanna managing partners Christopher Schlank and Nicholas Bienstock and 21 Penn Plaza

From top: Savanna managing partners Christopher Schlank and Nicholas Bienstock and 21 Penn Plaza

Real estate investment firm Savanna has listed 21 Penn Plaza for $250 million, three years after buying the 16-story office building for $137 million.

Should the 380,000-square-foot property snag its full ask, Savanna would pocket a three-year gain of more than 80 percent, as Crain’s reported. Massey Knakal Realty Services’ Robert Knakal is marketing the property, which is located on West 31st Street near Ninth Avenue.

Savanna picked up the property, which abuts the Related Companies’ Hudson Yards development, in partnership with the Feil Organization in 2011. The buy followed Savanna’s purchase of nearby 31 Penn Plaza for $130 million earlier that year, and the acquisition of 100 Wall Street, 80 Broad Street, 386 Park Avenue South, 104 West 40th Street, 1375 Broadway and 5 Hanover Square through a $550 million real estate investment fund the firm closed in April of that year. [Crain’s]Julie Strickland

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