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NEW YORK CITY-Marking its first move into the SoHo market, Savanna has acquired the retail space at the base of the at the Jean Novel-designed 40 Mercer St. for $57 million, the company unveiled in a statement on Monday afternoon. The retail – located at 465 Broadway -- consists of 9,400 square feet of at-grade space and 4,700 square feet of below-grade space at the luxury condominium, which was developed in 2007 by Hines, Goldman Sachs and Andre Balazs.
The company acquired the retail condominium from GLL Real Estate Partners, and the deal was financed with a $42 million acquisition loan from Mesa West Capital and equity from Savanna Real Estate Fund II.
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