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

Dallas-based Ramrock Real Estate is buyer of 95 Evergreen

New York /
Apr.April 10, 2018 02:55 PM

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.


Related Articles

arrow_forward_ios
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Lexington Hotel at 511 Lexington Avenue (Google Maps)
NYC hotels getting busier, but still struggling
NYC hotels getting busier, but still struggling
Illustration of Sam Zell of Equity Commonwealth (right) and Barry Sternlicht of Starwood (Illustration by Kevin Rebong for The Real Deal)
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Instacart CEO Apoorva Mehta (Getty)
Instacart to build fulfillment centers near supermarkets
Instacart to build fulfillment centers near supermarkets
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
A rendering of 19 Hausman Street (M Development)
Nightmare darkens for largest Brooklyn condo project of 2019
Nightmare darkens for largest Brooklyn condo project of 2019
Andrew Farkas of Island Capital and 511 Lexington Avenue (Island Capital, Google Maps)
Farkas buys Lexington Ave hotel for $185M
Farkas buys Lexington Ave hotel for $185M
M&T Bank reports late-stage delinquent loans more than doubled in past year
M&T Bank reports late-stage delinquent loans more than doubled in past year
M&T Bank reports late-stage delinquent loans more than doubled in past year
arrow_forward_ios

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

Loading...