Hornig brings Savanna on to $31 million South Bronx deal

Partners expected to close today on 175,000 sf office building

New York /
Mar.March 05, 2015 02:25 PM

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.


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
Maddd Equities, Joy Construction score $64M for massive Bronx project
Maddd Equities, Joy Construction score $64M for massive Bronx project
Hans Vestberg, chief executive officer, Verizon in front of the warehouse at 325 Exterior Street in the Bronx (Getty Images, LoopNet, iStock)
Verizon pays $75M for Lightstone’s Bronx warehouse
Verizon pays $75M for Lightstone’s Bronx warehouse
Fairstead, Invesco pay $350M for affordable Bronx portfolio
Fairstead, Invesco pay $350M for affordable Bronx portfolio
Fairstead, Invesco pay $350M for affordable Bronx portfolio
Taconic, Clarion grab $130M loan on Bronx housing complex
Taconic, Clarion grab $130M loan on Bronx housing complex
Taconic, Clarion grab $130M loan on Bronx housing complex
Toby Moskovits and Michael Lichtenstein of Heritage Equity Partners (Heritage Equity Partners, iStock)
Toby Moskovits pitches Bronx project rescue, financed by [redacted]
Toby Moskovits pitches Bronx project rescue, financed by [redacted]
Maddd Equities, Joy Construction’s South Bronx housing dev scores $140M financing
Maddd Equities, Joy Construction’s South Bronx housing dev scores $140M financing
Maddd Equities, Joy Construction’s South Bronx housing dev scores $140M financing
arrow_forward_ios

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

Loading...