JV Buys Bronx Commercial Building for $31M

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."

For more news and information visit Blumberg Capital Partners.

Savanna to Develop New Chelsea Office Building

Savanna, a New York-based real estate private equity and asset management firm, announced this week that it had formed a joint venture with the Silvermintz Family and Jamison Weiner to develop 540 W. 26th St., a 160,000-square-foot office and art gallery building. Designed by Morris Adjmi Architects, the nine-story, 160,000-square-foot building will cater to office, art gallery and community facility tenants. Weiner, of the Manhattes Group, will be the exclusive leasing agent for the property, according to a GlobeSt.com report. Construction is expected to begin this summer.

"We are excited to introduce a state-of-the art office and gallery building to West Chelsea, which has become an epicenter of art, new media, technology and residential development in Manhattan," said Christopher Schlank, Managing Partner at Savanna, in a statement. "West Chelsea has grown exponentially in recent years and we look forward to being part of the continued transformation of the neighborhood."

"This site has been owned by my family for quite some time and Jamie Weiner and I have spent the last 15 years preparing it for a large scale development that we knew was going to be in the future of this neighborhood," said Michael Silvermintz. "We are very fortunate to have joined forces with the team at Savanna who share the same values, vision and drive that we have to bring a first-class property to the area and to contribute to the spectacular neighborhood of West Chelsea."

For more news and information visit Blumberg Capital Partners.

31 Penn Plaza in NYC Sold for $130M

Savanna, a New York-based real estate private equity firm, announced the acquisition of 132 W. 31st St., an office building near Madison Square Garden and Penn Station in Manhattan, according to a Crain's New York Business article. Jones Lang LaSalle advised the Seller, a joint venture between C&K Properties and Zamir Equities, in the off-market transaction. Savanna has appointed Jones Lang LaSalle as the leasing and property management team lead by JLL's Mitchell Konsker, Vice Chairman, along with Matthew Astrachan, Vice Chairman, and Matt Polhemus, Associate.

"We are excited to add 31 Penn Plaza to our Manhattan office portfolio," said Christopher Schlank, a managing partner of the firm, in a statement. "The neighborhood surrounding Penn Station and Madison Square Garden is a growing mixed-use sub-market with plans for millions of square feet in office, retail, residential and hotel development over the next few years."

Savanna's renovation plans include a brand new entrance and lobby, upgraded elevators and other maintenance additions to the property.

For more news and information visit Blumberg Capital Partners.