Hornig Capital Partners (HCP) and Savanna, both real estate investment companies, have bought 2415 Third Ave. in the Mott Haven neighborhood of the Bronx, an eight-story loft building that they plan to remodel for about $12 million and rebrand as The Bruckner Building. The 8-story, 172,000 square-foot property at the corner of Third Avenue and East 134th Street was sold by Madhatters Realty with representation from DY Realty Services; Savanna and HCP's acquisition was financed by CapitalSource, with Mission Capital as placement agent for the loan. Savanna and HCP's capital improvement plan includes replacing and restoring the windows, rebuilding the lobby, modernizing the elevators, and upgrading common areas and mechanical systems.
"The neighborhood surrounding 2415 Third Avenue is changing and we are excited to be a part of that transformation," said Christopher Schlank, Managing Partner of Savanna, in a statement. "Several new developments and amenities are coming to the area, and as a result, are enhancing its attractiveness as a place to live and work." The waterfront between 138th and 149th Streets has been designated as the Special Harlem River Waterfront District, with the potential for up to 1.5 million square feet of commercial space, 2,000 residential units and 500,000 square feet of community space. Mayor Bill de Blasio recently announced that the City will make a $200 million investment in the waterfront redevelopment initiative.
"We look forward to partnering with Savanna on The Bruckner Building," added Daren Hornig, Managing Partner of Horning Capital Partners. "The capital improvements we have planned will position this property as an attractive option for commercial tenants who are looking to establish a place of business in this up-and-coming area."
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