{"id":1004285987,"date":"2018-12-14T06:02:42","date_gmt":"2018-12-14T14:02:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004285987"},"modified":"2018-12-17T06:56:33","modified_gmt":"2018-12-17T14:56:33","slug":"savanna-buys-repositions-manhattan-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/savanna-buys-repositions-manhattan-office-asset\/","title":{"rendered":"Savanna Buys, Repositions Manhattan Asset"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004285990\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/10130.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004285990\" data-attachment-id=\"1004285990\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/savanna-buys-repositions-manhattan-office-asset\/attachment\/10130\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/10130.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"48 W. 25th St.\" data-image-description=\"&lt;p&gt;48 W. 25th St.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;48 W. 25th St.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/10130.jpg?w=800\" class=\"wp-image-1004285990 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/10130.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/10130.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/10130.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/12\/10130.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004285990\" class=\"wp-caption-text\">48 W. 25th St.<\/p><\/div>\n<p>Savanna has acquired 48 W. 25<sup>th<\/sup> St., a 126,256-square-foot office building in Midtown Manhattan. According to Yardi Matrix, the seller was a private entity affiliated with Superior Sewing\u2019s Lonny Schwartz. The sale was funded by an acquisition loan provided by Mesa West Capital.<\/p>\n<p>The 21-story asset has a 6,629-square-foot retail component and features 16-foot ceiling heights on the ground floor and 11 to 13 feet on the office floors, abundant natural light and flexible floor layouts. Completed in 1920, the building underwent renovations in 1985. Additionally, the new owner will submit it to a $21 million capital improvement plan and leasing campaign, which will result in renovated lobby, repositioned retail space, upgraded roof and facade and refurbished vacant space on the seventh floor. Spector Group will act as the architect, while Cushman &amp; Wakefield\u2019s Bruce Mosler and Ethan Silverstein will handle the leasing services.<\/p>\n<p>Cushman &amp; Wakefield\u2019s Adam Spies, Adam Doneger and Josh King represented the seller in the transaction, while a team fronted by Gideon Gil procured the buyer. Earlier this year, Savanna <a href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-sells-nyc-office-tower-for-640m\/\">acquired another Manhattan asset<\/a> for a whopping $640 million.&nbsp;<\/p>\n<p>\u201c<em>48 W. 25th St. is situated at the epicenter of one of Manhattan\u2019s most exciting neighborhoods, within walking distance of 12 subway lines and close to many amenities including restaurants, hotels, nightlife, shopping <\/em>and<em> Madison Square Park<\/em>,\u201d Savanna Managing Director Andrew Kurd said in a prepared statement.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 126,256-square-foot office property will undergo a $21 million capital improvement program that will include upgrades to the lobby, roof, facade and seventh-floor vacant space.<\/p>\n","protected":false},"author":241,"featured_media":1004285990,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21747],"tags":[32799,33240,38018],"class_list":["post-1004285987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-mesa-west-capital","tag-savanna"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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