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.





    Related Articles

    arrow_forward_ios
    Family feud for $11M Lundy’s restaurant building boils over
    Family feud for $11M Lundy’s restaurant building boils over
    Family feud for $11M Lundy’s restaurant building boils over
    One New York Plaza and 60 Broad Street (Brookfield, Google Maps)
    Manhattan office rents hit 4-year low as availability remains at record-high
    Manhattan office rents hit 4-year low as availability remains at record-high
    The rise of e-commerce, fueled by the pandemic, has created unprecedented demand for cardboard-producing facilities. (iStock)
    Cardboard demand could fuel an industrial real estate boom
    Cardboard demand could fuel an industrial real estate boom
    MSCI CEO Henry Fernandez and Real Capital Analytics founder Robert White (MSCI)
    MSCI to acquire Real Capital Analytics for $950M
    MSCI to acquire Real Capital Analytics for $950M
    Donald Trump and the Trump International Hotel & Tower in Chicago (Getty, iStock)
    Donald Trump is owed $1M tax refund on Chicago skyscraper
    Donald Trump is owed $1M tax refund on Chicago skyscraper
    From left: One WTC, Douglas Durst, Donald and Steven Newhouse (iStock, Getty)
    Condé Nast pays back rent at One WTC, ending standoff with Durst
    Condé Nast pays back rent at One WTC, ending standoff with Durst
    From left: Camber Property Group principals Rick Gropper, Andrew Moelis, Harlem Congregation for Community Improvement president Malcolm Punter and 104-110 West 144th Street in Harlem (Photos via Camber, Harlem Congregation, Ariel Property Advisors)
    Affordable housing developer Camber Property buys 60-unit Harlem complex
    Affordable housing developer Camber Property buys 60-unit Harlem complex
    Floor & Decor CEO Thomas Taylor and 4 Henry St in Commack (Floor & Decor and Google Maps)
    Floor & Decor moving into site of shuttered Target in Commack
    Floor & Decor moving into site of shuttered Target in Commack
    arrow_forward_ios

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

    Loading...