NEW YORK CITY-Institutional real estate private equity firm and asset manager Savanna has added a shiny new gem to its Manhattan portfolio. The company has acquired the 72,000-square-foot Jewelry Building at 576 Fifth Avenue after resolving a troubled financial situation.
As part of the deal, the company initially acquired the defaulted first mortgage and took control of the leasehold interest in the property in a consensual transaction with the former leasehold owner, which city records indicate as Western Management. While Savanna did not disclose the purchase price of the mortgage, Real Capital Analytics lists the price as $7.4 million.
Tom Farrell, senior associate at Savanna, tells GlobeSt.com in an e-mail that with this buy, the company now has 10 Manhattan buildings in its portfolio, joining other properties such as 15 E. 26th St., 104 W. 40th St., 100 Wall St. and 31 Penn Plaza.
With the buy, Savanna is also planning to reposition the asset, including upgrades to the windows, elevators, fa
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