Savanna acquires Madison Sq Park condo

February 28, 2012 09:00AM

From top: Partners Christopher Schlank, Nicholas Bienstock & 15 E. 26th Street

Private equity firm Savanna purchased an eight-story commercial condominium near Madison Square Park for $57 million, the New York Post reported.

The 150,000-square-foot condo sits below 12 stories of condo apartments in a century-old building at 15 East 26th Street, between Fifth and Madison avenues, and houses Italian restaurant SD26 on the ground floor. About 21,500 square feet of vacancies exist within the commercial space and Savanna will tap Jones Lang LaSalle to market the space.

The commercial unit last traded for $32.63 million in December 2010, when it was acquired by an LLC for the care of Angelo, Gordon & Co.

Savanna plans to invest $9 million on capital improvements for their acquisition, according to the Post. The firm has been among the most active buyers in New York City for the last 18 months and recently acquired other Midtown South commercial properties at 21 Penn Plaza and 31 Penn Plaza for a combined sum of more than $260 million. [Post, 2nd item]