Savanna closes on deal for Meatpacking District property

Firm was thought to have made $85M offer in May for site of former Mobil gas station

New York /
Jan.January 16, 2015 02:57 PM

Real estate private equity and asset management firm Savanna bought a newly-built property in the Meatpacking District for an undisclosed amount.

The firm purchased the property from Michael Miller and son Brandon Miller‘s Real Estate Equities and Alfieri Development, according to a press release. The building, located at 461 West 14th Street, holds 24,682 square feet. It is a corner retail property located underneath the High Line.

As previously reported by The Real Deal, Savanna was thought to have made an offer of $85 million for the site in May.

The property, which previously housed a Mobil gas station, is on the corner of 14th Street and 10th Avenue. The site has three storefronts.

Real Estate Equities and Alfieri took out a ground lease on the site in 2012. That lease “collapsed at closing,” a source with knowledge of the deal told the New York Observer.

In November, the New York-based Savanna and the Feil Organzation sold 21 Penn Plaza to financial services giant TIAA-CREF. — Claire Moses


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