Bronx Loft Acquired by Savanna-Hornig Partnership

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.