NEW YORK CITY-Real estate private equity firm Savanna has made its second acquisition in Manhattan in as many weeks, acquiring 31 Penn Plaza from a joint venture of Zamir Equities and C&K Properties. According to data from Real Capital Analytics, the approximate sale price was $130.7 million, or $309 per square foot.
Earlier this month, Savanna bought 80 Broad St. and secured a $65.3 million loan for that building. The firm was unable to comment to GlobeSt.com in time for publication.
A $26 million capital campaign at the building will include improvements to the lobby and elevators. As well, an architecture firm has been retained to design new interiors. 31 Penn Plaza, located at 132 W. 31st St., is a 444,000-square foot, 18-story office building that includes up to 160,000-square feet of contiguous space.
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