Savanna, Monday Properties do $30M Park Avenue South building upgrade

New York /
Apr.April 28, 2011 01:43 PM

Real estate investment firms Savanna and Monday Properties are launching a $30 million capital improvement for a 20-story, 260,000-square-foot commercial building on Park Avenue South. The owners’ plan for 386 Park Avenue near 27th Street includes renovations for the building’s lobby, windows, elevators, restrooms and heating and cooling systems, and the property will undergo a new marketing and leasing program. The upgrades coincide with two new availabilities that Savanna and Monday are hoping to fill. There’s an 8,600-square-foot prebuilt space just completed on the eighth floor that’s ready for immediate occupancy and 65,000 square feet of available space across five contiguous floors in the building. The 65,000-square-foot space previously housed architect firm Blumberg and Butter, which moved elsewhere in the building, and Belden Brick Sales & Services, a holdover tenant that vacated in the fall. In January, the ownership pair secured a $58 million loan to fund the upcoming improvements and Chase renewed its lease for the 12,000-square-foot ground floor retail location. TRD


Related Articles

arrow_forward_ios
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)

Savanna closes on Garment District office with $388M loan

Savanna closes on Garment District office with $388M loan
Christopher Schlank, Nick Beinstock and 1375 Broadway (Credit: Google Maps)

Big Midtown deal looms over Savanna’s latest fundraising effort

Big Midtown deal looms over Savanna’s latest fundraising effort
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)

Savanna buying Garment District office building for $435M

Savanna buying Garment District office building for $435M
From left: 461 Dean Street, One Court Square and 18 Sixth Avenue

Queens tower led Brooklyn-saturated list of outer-borough loans

Queens tower led Brooklyn-saturated list of outer-borough loans
Savanna's Chris Schlank and One Court Square (Credit: iStock)

One Court Square recapitalized in $880M deal

One Court Square recapitalized in $880M deal
2417 Third Avenue in the Bronx (Credit: Google Maps)

Savanna’s Bruckner Building goes into contract for $65M

Savanna’s Bruckner Building goes into contract for $65M
Savanna’s Chris Schlank, Altice CEO Dexter Goei, and One Court Square

Savanna rebounds following Amazon loss

Savanna rebounds following Amazon loss
Savanna's Chris Schlank and Nick Bienstock with 360 Lexington Avenue

Savanna in contract to buy Midtown East office building

Savanna in contract to buy Midtown East office building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...