Savanna Picks up Two Chelsea Loft-style Buildings, Plans $21M Capital Improvement Program

NEW YORK—Savanna has acquired 245 and 249 West 17th Street, two adjacent loft-style buildings in the New York City neighborhood of Chelsea as part of a structured deal with Atlas Capital Group. Brian Ezratty of Eastern Consolidated was the sole broker in the transaction. The buyers were represented by the law firm of Cole, Schotz, Meisel, Forman and Leonard P.A, as well as Ackman-Ziff on debt capital sourcing. The sellers were represented by the law firm Fried, Frank, Harris, Shriver and Jacobson LLP.

Taken together, the properties total 284,000 sq. ft. The Newmark Grubb Knight Frank team of David Falk, Peter Shimkin, Danny Levine and Nick Berger has been appointed to serve as exclusive agents for both properties. Jeff Roseman and Amy Zhen will market the significant retail offering at the properties.

Constructed in 1902 as a dry goods warehouse and wagon house for the Siegel Cooper department store, 249 West 17th Street contains 145,000 sq. ft. spanning six stories.

The second property, 245 West 17th Street, was built in 1909 and also includes approximately 145,000 sq. ft. spanning 12 stories.

Savanna plans to embark on a $21 million capital improvement program at the properties, which will include full-building mechanical upgrades, new elevators and lobbies, updated façade and roof refurbishments, as well as the potential for a tenant rooftop at 249 West 17th Street.

“We will implement a plan to install brand new systems, while preserving and enhancing the loft-style aesthetic, including original hardwood floors, exposed ceilings and the open-architecture collaborative workspace,” said Kevin Hoo, a vice president at Savanna.

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