THE BRONX, NY—Savanna, a New York-based private equity and asset management firm, has acquired 2415 Third Avenue, a commercial loft building located in the Mott Haven neighborhood of the Bronx in a joint venture with Hornig Capital Partners. The seller was Madhatters Realty. The deal was worth $31 million, (or $177 per square foot), according reliable industry data.

The property is an eight-story, 172,000 square-foot building at the corner of Third Avenue and East 134th Street. The building is part of a transforming neighborhood with several new large-scale residential developments underway. Savanna and HCP will launch a $12 million capital improvement plan and re-brand the property, which is located across the Third Avenue Bridge from Bruckner Boulevard, as The Bruckner Building.

Historically an epicenter for the piano manufacturing industry in the early twentieth century, Mott Haven is now home to a growing arts community. The waterfront between 138th and 149th Streets has been designated as the Special Harlem River Waterfront District, with the potential for up to 1.5 million square feet of commercial space, 2,000 residential units and 500,000 square feet of community space. Mayor Bill deBlasio recently announced that the City will make a $200 million investment in the waterfront redevelopment initiative.