New York & Tri-State + Downtown New York + Retail | December 17, 2018

Savanna Closes on NoMad Office/Retail, Plans Repositioning

Savanna has finalized its acquisition of 48 W. 25th St., a 12-story, 126,256-square-foot office and retail building in NoMad. Deal terms weren’t disclosed, but he New York Post earlier reported that the circa-1920 property was in contract for about $100 million.

The locally-based investment manager acquired the property from a longtime family owner. The seller was represented by the Cushman & Wakefield team of Adam Spies, Adam Doneger and Josh King. Cushman & Wakefield’s Gideon Gil represented Savanna in lining up financing from Mesa West.

Savanna plans a $21-million capital improvement and leasing campaign. Cushman & Wakefield’s Bruce Mosler and Ethan Silverstein will head up leasing for the property.

“48 W. 25th is situated at the epicenter of one of Manhattan’s most exciting neighborhoods,” said Savanna’s Andrew Kurd. “This exceptional location, along with our planned capital improvements, will make this property a true standout for a wide range of tenants.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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