NEW YORK CITY—Savanna has acquired 15 East 26th Street, a 150,000-sq.-ft. boutique commercial condominium located on the northern edge of Madison Square Park between Madison and Fifth Avenues. 15 East 26th Street will undergo extensive capital improvements to modernize the building under Savanna’s new ownership.
Overlooking Madison Square Park, 15 East 26th Street is a landmarked building constructed in 1920. The ground floor retail is leased to the high-end restaurant SD26 and floors two through eight are office spaces, with Vera Wang’s design and showroom occupying the 4th and 5th floors. The 19,000-sq.-ft. full 3rd floor and a 2,500-sq.-ft. 8th floor unit are currently vacant and will be released to the market by Savanna and their leasing agent, Jones Lang LaSalle.
Savanna’s $9 million capital plan for 15 East 26th Street includes a complete modernization and extensive upgrade of the freight elevator and three passenger elevators, redesign of the entrance and lobby, replacement of the sidewalk, replacement of the windows, a façade upgrade and common corridor and bathroom renovations. The firm of DPM Architecture P.C. has been commissioned to design the new improvements.
Savanna has appointed Jones Lang LaSalle (JLL) as the leasing agent, with a team led by Mitchell Konsker, vice chairman; Matthew Astrachan, vice chairman; and Matthew Polhemus, associate.
The property was acquired from a joint venture consisting of Angelo, Gordon & Co, Belvedere Capital, Metropolitan Realty Associates and Walter & Samuels. Adam Spies and Douglas Harmon of Eastdil Secured arranged the transaction. The buyers were represented by the law firm of Cole, Schotz, Meisel, Forman & Leonard, P.A.