Savanna has paid $100m for a 12-story office and retail building in Manhattan. The 126,256 sq ft building is located on West 25th Street, just steps from Madison Square Park in the city’s NoMad neighborhood. The new owner plans to invest $21m into the property, which was built in 1920. The capital improvements will include a complete lobby renovation, a repositioning of the retail space, roof and facade repairs and upgrades to the seventh-floor pre-built space. Cushman & Wakefield was named exclusive leasing agent.
“48 West 25th Street is situated at the epicenter of one of Manhattan’s most exciting neighborhoods,within walking distance of 12 subway lines and close to many amenities including restaurants, hotels, nightlife, shopping and Madison Square Park,” said Andrew Kurd, managing director of Savanna. “This exceptional location, along with our planned capital improvements, will make this property a true standout for a wide range of tenants.”
