An 18-story office building situated close to Penn Station and Manhattan’s Madison Square Garden, has been purchased by NY real estate private equity firm, Savanna. The property spans 444,000-square feet. The exact address is West 31st Street, in between Sixth and Seventh Avenue. The real estate firm plans to spend $26m on renovations. According to a statement issued by the company, its managing partner, Christopher Schlank, pointed out that there are substantial plans for various building development over the next few years in these surrounding neighborhoods. Further, Savanna’s plans should result in this venue becoming one of the higher class buildings in the area.
Clearly Savanna is on a roll. This latest deal is the second one it has sealed in just two weeks. The first one was its acquisition of 80 Broad Street which spans 417,000-square feet. The Penn Plaza property will be leased and managed by Jones Lang LaSalle Inc.