Savanna Shines On With Jewelry Building Buy at 576 Fifth Ave

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.