Savanna tests market for 170-unit Morningside Heights condo

The potential high-rise was focus of petition by City Council member Mark Levine

TRD New York /
Feb.February 08, 2017 12:35 PM

543 West 122nd Street and Christopher Schlank

Christopher Schlank and Nick Bienstock’s Savanna submitted a “test the market” application for a 170-unit condominium project at 543 West 122nd Street, according to new filings with the New York State Attorney General. The submission is not an offering plan, but an attempt to gauge market interest in a project before going forward with a full application.

Savanna bought the land for the project a year ago from the Jewish Theological Seminary, paying $96 million. The seminary announced it would use the funds from the offloaded parcel to build a performing arts center and a residence hall. The transaction also included an off-campus dormitory, the rights to which Savanna then assigned to an undisclosed buyer.

The developer can build up to 250,000 square feet on the Morningside Heights site, a prospect that some in the area are not thrilled about. City Councilman Mark Levine, who was concerned the building’s height could reach 40 stories, launched a petition last spring urging the developer to consider a lower-scale development and include affordable housing. The targeted 170 units would suggest that Savanna still has its sights set on a significant development.

Architecture firm Beyer Blinder Belle is designing for Savanna and Halstead Property Development Marketing’s Steve Kliegerman recently said in an interview that he would be handling future apartment sales at the project. A representative for Schlank declined to comment.

Savanna recently partnered with Paramount Group to buy a stake in a $215 million office building at 55 Broadway in the Financial District.
In October, the company went into contract on the Falchi Building in Long Island City for north of $255 million, according to sources who spoke with The Real Deal.

Savanna is also planning to build a large mixed-use development site at 141 Willoughby Street in Downtown Brooklyn. The City council agreed to a rezoning in exchange for Savanna scaling back its plans.

Related Articles

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

Savanna's Chris Schlank and One Court Square (Credit: iStock)

One Court Square recapitalized in $880M deal

729 Seventh Avenue (Credit: Google Maps)

Lawyer argued façade was safe 3 months before fatal accident

Bill Ackman, LeBron James, and Arnold Schwarzenegger with 787 11th Avenue (Credit: Google Maps and Getty Images)

Celebrity property group caught in $11M construction dispute

Renderings of The William Vale and Denizen Bushwick (Credit: iStock)

All Year’s rating outlook turns negative as bondholders reject two amendments