{"id":1004053211,"date":"2011-09-30T07:57:37","date_gmt":"2011-09-30T15:57:37","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=19123"},"modified":"2022-12-08T23:05:18","modified_gmt":"2022-12-09T07:05:18","slug":"private-developers-and-local-officials-make-up-willoughby-park-missing-funds-31-penn-station-tower-sold-to-savanna","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/private-developers-and-local-officials-make-up-willoughby-park-missing-funds-31-penn-station-tower-sold-to-savanna\/","title":{"rendered":"Private Developers and Local Officials Make Up Willoughby Park Missing Funds; 31 Penn Station Tower Sold to Savanna"},"content":{"rendered":"<p style=\"text-align: justify\">By Veronica Grecu, Associate Editor<\/p>\n<p style=\"text-align: justify\">The public park at Willoughby Square in Downtown Brooklyn will receive $8 million from private developers and local officials who teamed up to give a helping hand to this stalled project. According to the <em>Brooklyn Daily Eagle<\/em>, the city had already invested $40 million in purchasing, relocating and designing the $70 million project. However, the Economic Development Corporation (EDC) decided to cut a $7 million capital budget that would have helped complete the one-acre park.<\/p>\n<div id=\"attachment_19151\" class=\"wp-caption alignright\" style=\"width: 240px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/09\/willoughby-park.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-19151 \" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/09\/willoughby-park.jpg\" alt=\"\" width=\"230\" height=\"271\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Courtesy of NY Department of City Planning<\/p>\n<\/div>\n<p style=\"text-align: justify\">Residential developer Avalon Communities and the developer of City Point, a mixed-use complex near the park, have each agreed to contribute $2.5 million. Further funds coming from local officials will make up for the $8 million price tag. EDC spokesperson Patrick Muncie declared for the <em>Eagle<\/em> that the organization is looking for alternative financing options for this much-needed public open space and amenities.<\/p>\n<p style=\"text-align: justify\">In commercial real estate news, <em>Crain\u2019s New York Business<\/em> reports that an 18-story office building located at 132 W. 31<sup>st<\/sup> Street near Madison Square Garden and Penn Station was acquired for around $130 million by Savanna, a New York-based real estate private equity firm. The company will spend another $26 million to renovate the 444,000-square-foot property. According to Savanna Managing Partner Christopher Schlank, the improvements should transform the Penn Plaza office tower into one of the top-tier buildings in Manhattan; according to <em>Crain\u2019s<\/em>, the facility will have a new front entrance, upgraded lobby and interiors, as well as modernized elevators. For further details, read <em>CPE<\/em>&#8216;s Nicholas Ziegler\u2019s story <a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/northeast\/savanna-makes-130m-building-grab-in-nyc%E2%80%99s-midtown\/\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veronica Grecu, Associate Editor<br \/>\nThe public park at Willoughby Square in Downtown Brooklyn will receive $8 million from private developers and local officials who teamed up to give a helping hand to this stalled project. According to the Brooklyn Daily [&#8230;]<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[],"class_list":["post-1004053211","post","type-post","status-publish","format-standard","hentry","category-new-york","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Private Developers and Local Officials Make Up Willoughby Park Missing Funds; 31 Penn Station Tower Sold to Savanna - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/private-developers-and-local-officials-make-up-willoughby-park-missing-funds-31-penn-station-tower-sold-to-savanna\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private Developers and Local Officials Make Up Willoughby Park Missing Funds; 31 Penn Station Tower Sold to Savanna\" \/>\n<meta property=\"og:description\" content=\"By Veronica Grecu, Associate Editor The public park at Willoughby Square in Downtown Brooklyn will receive $8 million from private developers and local officials who teamed up to give a helping hand to this stalled project. According to the Brooklyn Daily [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/private-developers-and-local-officials-make-up-willoughby-park-missing-funds-31-penn-station-tower-sold-to-savanna\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-09-30T15:57:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:05:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2011\/09\/willoughby-park.jpg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/private-developers-and-local-officials-make-up-willoughby-park-missing-funds-31-penn-station-tower-sold-to-savanna\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/private-developers-and-local-officials-make-up-willoughby-park-missing-funds-31-penn-station-tower-sold-to-savanna\\\/\"},\"author\":{\"name\":\"Veronica Grecu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/e8362e8641769829162f16fe58091f62\"},\"headline\":\"Private Developers and Local Officials Make Up Willoughby Park Missing Funds; 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