Savanna looks to sell Harlem office building for $75M

Tenants at 1875 Park Avenue recently signed about 16K sf of leases

New York /
Jan.January 07, 2021 04:45 PM
Savanna's Christopher Schlank and Nicholas Bienstock with 1825 Park Avenue (Savanna; Google Maps)

Savanna’s Christopher Schlank and Nicholas Bienstock with 1825 Park Avenue (Savanna; Google Maps)

Savanna is looking to sell a Harlem office building that recently saw some positive leasing activity.

The real estate private equity firm has listed the 135,000-square-foot building at 1825 Park Avenue, according to marketing materials for the property.

Savanna is asking around $75 million for the early 1900s-era building, or about $555 per square foot, according to a source familiar with the listing.

A representative for Savanna declined to comment. A Cushman & Wakefield team led by Adam Spies and Doug Harmon is marketing the property.

The investment firm, headed by Christopher Schlank and Nicholas Bienstock, bought the building in 2015 for $48 million, property records show.

Tenants include Beth Israel Medical Center and the Metropolitan Transportation Authority, which operates the Metro North Railroad and New York City subway lines that run through the nearby 125th Street station.

Tenants recently signed about 16,000 square feet of leases in the building, including an extension and expansion by Beth Israel and a new lease with Northwestern Mutual.

The property is near a handful of new developments, including the Durst Organization’s planned 673-unit residential project at 1800 Park Avenue and L+M Development Partners and Taconic Investment Partners’ 121 West 125th Street, where Trader Joe’s is opening its first Harlem store.

 

Last year, Savanna closed on one of the largest commercial real estate buys of the Covid era when it purchased an office building at 1375 Broadway in July for $435 million.





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