The Real Deal New York

Carver Federal bank relocating Harlem HQ to Savanna building

Country’s largest African-American-run bank inks lease at 1825 Park
March 15, 2018 09:35AM

1825 Park Avenue and Chris Schlank

The country’s largest African-American-run bank is relocating its Harlem headquarters.

Carver Federal Savings inked a deal to lease roughly 20,000 square feet at Savanna’s 1825 Park Avenue at the corner of 125th Street, Crain’s reported. The bank is taking the entire 12th floor of the 12-story building for 10 years.

Carver last month sold its headquarters at 75 West 125th Street to a subsidiary of Gatsby Enterprises for $19.45 million. The bank, which has struggled financially, will keep its retail branch at the building.

“A critical component of this entire deal was that they keep the current bank branch,” said Colliers International’s Eric Yarbro. “It has been such an important location for connecting with its customers.”

Yarbro, who is also chief executive of the brokerage firm Madison Square Realty, arranged the sale of Carver’s building and represented the bank in its new office and retail leases.

Cushman & Wakefield’s Mitch Arkin, along with JRT Realty’s Ellen Israel, negotiated the office lease at 1825 Park Avenue for Savanna. The real estate private equity firm bought the building in 2015 for $48 million and pumped more than $10 million into renovating the property, including a new lobby.

Nonprofit career-counseling firm NADAP leased 8,000 square feet in the building last year, and Savanna prebuilt a 4,900-square-foot office installation on the ninth floor. [Crain’s]Rich Bockmann