The Real Deal New York

Hornig brings Savanna on to $31 million South Bronx deal

Partners expected to close today on 175,000 sf office building
By Rich Bockmann | March 05, 2015 02:25PM

Hornig Capital Partners, which went into contract late last year to purchase a large South Bronx office building for $31 million, has brought Savanna into the action, The Real Deal has learned.

A source close to the transaction said the deal is expected to close today.

Hornig, a Long Island-based investor, went into contract back in November on the property – an eight-story, 175,000 square-foot Class C office building at 2417 Third Avenue in a transitional neighborhood in the Mott Haven section of the Bronx.

Brokers Ranee Jaber and Ruben Martinez of DY Realty represented both sides in the off-market deal.

Pushed by ever-growing demand in the outer boroughs, a number of new residential projects have popped up in the South Bronx recently, and elected officials are pushing a plan for a Brooklyn Bridge Park-like project along the Harlem River waterfront.

Savanna, headed by Christopher Schlank and Nicholas Bienstock, is one of the most-active institutional investors in the city. It just put its 500,000 square-foot Financial District office building at 100 Wall Street on the market, which could fetch as much as $250 million. It also sold a controlling stake in 1375 Broadway and 31 Penn Plaza, as TRD reported.