Hornig brings Savanna on to $31 million South Bronx deal

Partners expected to close today on 175,000 sf office building

Hornig Capital Partners, which went into contract late last year to purchase a large South Bronx office building for $31 million, has brought Savanna into the action, The Real Deal has learned.

A source close to the transaction said the deal is expected to close today.

Hornig, a Long Island-based investor, went into contract back in November on the property – an eight-story, 175,000 square-foot Class C office building at 2417 Third Avenue in a transitional neighborhood in the Mott Haven section of the Bronx.

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Brokers Ranee Jaber and Ruben Martinez of DY Realty represented both sides in the off-market deal.

Pushed by ever-growing demand in the outer boroughs, a number of new residential projects have popped up in the South Bronx recently, and elected officials are pushing a plan for a Brooklyn Bridge Park-like project along the Harlem River waterfront.

Savanna, headed by Christopher Schlank and Nicholas Bienstock, is one of the most-active institutional investors in the city. It just put its 500,000 square-foot Financial District office building at 100 Wall Street on the market, which could fetch as much as $250 million. It also sold a controlling stake in 1375 Broadway and 31 Penn Plaza, as TRD reported.

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Hornig brings Savanna on to $31 million South Bronx deal

Partners expected to close today on 175,000 sf office building

Hornig Capital Partners, which went into contract late last year to purchase a large South Bronx office building for $31 million, has brought Savanna into the action, The Real Deal has learned.

A source close to the transaction said the deal is expected to close today.

Hornig, a Long Island-based investor, went into contract back in November on the property – an eight-story, 175,000 square-foot Class C office building at 2417 Third Avenue in a transitional neighborhood in the Mott Haven section of the Bronx.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Brokers Ranee Jaber and Ruben Martinez of DY Realty represented both sides in the off-market deal.

Pushed by ever-growing demand in the outer boroughs, a number of new residential projects have popped up in the South Bronx recently, and elected officials are pushing a plan for a Brooklyn Bridge Park-like project along the Harlem River waterfront.

Savanna, headed by Christopher Schlank and Nicholas Bienstock, is one of the most-active institutional investors in the city. It just put its 500,000 square-foot Financial District office building at 100 Wall Street on the market, which could fetch as much as $250 million. It also sold a controlling stake in 1375 Broadway and 31 Penn Plaza, as TRD reported.

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