The Real Deal New York

Savanna, Hornig sell ground under Bushwick office building for $81M

Dallas-based Ramrock Real Estate is buyer of 95 Evergreen
By Rich Bockmann | April 10, 2018 02:55PM

Chris Schlank, Daren Hornig and 95 Evergreen Avenue

Savanna and Hornig Capital Partners sold the land under the former Schlitz Brewery building in Bushwick they repositioned into office space to Dallas-based investor Ramrock Real Estate for $81 million.

Ramrock paid $81.29 million to buy the fee position at 95 Evergreen Avenue, property records filed with the city Tuesday show. Savanna and Hornig will continue to control the building through a long-term leasehold.

“While the fee ownership of 95 Evergreen Avenue has been transferred, Savanna and Hornig Capital Partners continue to hold the ground lease position and maintain responsibility for all day to day operations at the property,” a spokesperson for Savanna told The Real Deal.

A Cushman & Wakefield team led by Adam Spies, Adam Doneger and Joshua King brokered the deal.

Savanna, the real estate private-equity firm headed by Nicholas Bienstock and Chris Schlank, and Daren Hornig’s Hornig Capital paid $33 million in 2015 to buy the warehouse from a group of investors led by Moshe Gottesman.

The developers pumped $30 million into renovating the property, and last year leased the building’s entire 158,000 square feet to the city’s Human Resources Administration in a 20-year deal.