Savanna signs deal to sell Penn Station site for $65M

New York /
Jan.January 30, 2014 03:15 PM

Real estate private equity company Savanna Partners has inked a deal to sell a corner development site at 415 Eighth Avenue for $65 million, The Real Deal has learned.

Savanna brought the site to market in December, tapping Bob Knakal of investment sales brokerage Massey Knakal Realty Services to market the property. The deal, which is in contract, has not yet closed.

The site, at the corner of 31st Street, has a total buildable square footage of 87,644. But it could be combined with adjacent sites to form a larger lot which would support a retail and residential development of well over 200,000 square feet, it was previously reported.

The new owner may also be able to acquire some of the 1.5 million square feet of transferable development rights available from the Port Authority’s Moynihan Station redevelopment.

Bob Knakal, chairman of Massey Knakal, and a representative for Savanna declined to confirm the deal. The identity of the buyer was not clear.

Central Parking has a lease on the site, which is currently used as a parking facility. That lease has a 60-day termination clause, however, meaning development could start within a few months.

Savanna acquired the site for $27.85 million in 2007, records show. The company had plans to build a 15-story, 88-unit residential tower there, according to documents filed with the Department of Buildings in 2008.

Those plans apparently were abandoned when the recession hit.


Related Articles

arrow_forward_ios
One Court Square in Long Island City QNS and Savanna managing director Brian Reiver (Wikipedia, Loopnet, Getty))
Savanna’s LIC office tower nabs big tenant
Savanna’s LIC office tower nabs big tenant
JLL NY investment sales chairman Bob Knakal with 737 Park Avenue
Bob Knakal lists Park Avenue pad for $13M
Bob Knakal lists Park Avenue pad for $13M
Pacific Oak’s Keith Hall and Savanna’s Christoper Schlank with 110 William Street
Pacific Oak Capital, Savanna default on 110 William Street
Pacific Oak Capital, Savanna default on 110 William Street
Christopher Schlank, founder, Savanna, in front of 5 Bryant Park (Savanna, iStock)
Equinox facing another unpaid rent suit from Manhattan landlord
Equinox facing another unpaid rent suit from Manhattan landlord
Carmel Partners picks up UES dev site
Carmel Partners picks up UES dev site
Carmel Partners picks up UES dev site
Top loans: Related Companies exits Margaritaville, digs in at Truffles Tribeca
Top loans: Related exits Margaritaville, digs in at Truffles Tribeca
Top loans: Related exits Margaritaville, digs in at Truffles Tribeca
The New School’s Eugene Lang College at 118 West 13th Street and Martin Nussbaum and David Schwartz of Slate Property Group (TNS, Slate)
Slate snaps up New School dorm in Greenwich Village for $23M
Slate snaps up New School dorm in Greenwich Village for $23M
Vornado's Steve Roth and a rendering of 93-30 93rd Street (Getty, JLL)
Vornado looks to sell Rego Park development site for $85M
Vornado looks to sell Rego Park development site for $85M
arrow_forward_ios

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

Loading...