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Savanna To Reap Nice Profit in Downtown Sale

NEW YORK CITY—Underscoring Lower Manhattan's new status as the it submarket, the firm reportedly is under contract to sell 80 Broad St. for over three times the price it paid for the asset in 2011.

By Rayna Katz | Updated on July 01, 2014

NEW YORK CITY—Savanna is about to be sitting pretty. The firm is under contract to sell 80 Broad St. to Broad Street Development for $175 million—more than three times the previous purchase price, according to the New York Post. For the 430,000-square-foot, 36-story pre-war office tower, that works out to a price in the low $400s per square foot.

Savanna took control of 80 Broad St. in 2011, when it purchased the senior mortgage at a 12% discount on its $75 million face value. Eastdil Secured’s Doug Harmon and Adam Spies brokered the sale to Broad Street for Savanna, after fielding what a Post source called “aggressive” offers by local and foreign investors.

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