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Savanna Sells Off Midtown South Retail Condo

10 madison square west- Reports indicate the trade of the retail condo at 10 Madison Square West was made for $97.5 million.

NEW YORK CITY—TIAA investment arm TH Real Estate—an affiliate of Nuveen—has acquired a retail condominium on the ground floor of 10 Madison Square West here from Savanna. Parties to the deal declined to reveal the purchase price to GlobeSt.com but published reports indicate that the trade was made for $97.5 million.

Located in the Flatiron District at Broadway and 24th Street, the property reportedly was purchased  in 2014 by Savanna from the residential building’s developers, The Witkoff Group and Morgan Stanley Real Estate Investing. At that time, according to The Commercial Observer, the asset changed hands for $60 million.

The 20,619-square-foot retail condo is 100% leased to undisclosed national retailers. The sale transaction was brokered by a Cushman & Wakefield team led by Adam Spies, Doug Harmon, Adam Doneger and Josh King.

“The Flatiron District is one of the most desirable live/work/play areas in Manhattan and is situated in a convenient location on the west side of Madison Square Park,” declares Todd Rollins, senior director, TH Real Estate.

He continues, “Given its excellent visibility and strong national tenancy, we believe the asset will provide long-term stable income and an excellent return profile and will make a great addition to our urban retail portfolio in New York City.”

”Through this transaction with TH Real Estate, we’re pleased to successfully complete the final step of our business plan for this outstanding asset,” adds Cooper Kramer, managing director of Savanna.

“We set out to create an institutional-quality, stabilized flagship retail space in this world-class location by leasing 100% of the 16,000 square feet of vacant space, and the Savanna team achieved a terrific outcome for our investors.”

“There has been continued retail strength in the vibrant Madison Square Park / Flatiron submarket,” notes Adam Doneger, executive managing director at Cushman & Wakefield. “It has become a 24/7 live, work, play neighborhood.”

 

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