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Garment Center Office Trades for $29M

NEW YORK CITY-A JV of two local entrepreneurs has acquired 63-67 W. 38th St. in an all-cash deal from seller Savanna Investment Management.

By Paul Bubny | Updated on November 16, 2009

NEW YORK CITY-A 12-story Garment Center office building has traded in an all-cash $29.5-million deal to a joint venture between two local entrepreneurs whose identities were not disclosed, Savanna Investment Management announced Friday. In a release, Savanna says it realized a profit on its investment in the 144,000-square-foot 63-67 W. 38th St., which it initially made 18 months ago.

Marty and Eric Meyer, a father-and-son team at FirstService Williams, represented Savanna on the deal. The Meyers were selected to market this property based on their experience in selling similar assets in the Garment Center.

Savanna and a hedge fund partner initially invested in the property by originating a senior loan 18 months ago to the prior owners, the release states. Savanna subsequently bought out its hedge fund partner and then negotiated a deed in lieu of foreclosure with their borrower. Once Savanna owned the asset outright, the company then embarked on a two-pronged business plan of repositioning the building and launching an “aggressive” marketing program to sell it, the release states.

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