Private equity and asset management firm Savanna has purchased the 20,676 square foot retail condominium at 10 Madison Square West (1107 Broadway) from The Witkoff Group and Morgan Stanley Real Estate Investing for $60 million.
The Witkoff/Morgan Stanley team is currently redeveloping the 16-story building into a 23-story, 125-unit luxury condominium. The retail space will consist of roughly 12,000 square feet of prime corner ground floor space and an additional basement space.
“We are excited to add the retail space at 10 Madison Square West to our portfolio and see exceptional opportunity in this vibrant area,” said Cooper Kramer, vice president at Savanna, in a statement.
“The property’s prime corner location at the intersection between Fifth Avenue and Broadway, two of Manhattan’s most prestigious retail avenues, at Madison Square Park makes it an ideal option for a large global retailer to establish their flagship Manhattan store.”
Located on the northwest corner of West 24th Street and Broadway, 10 Madison Square West overlooks Madison Square Park and is one block from Italian marketplace Eataly, which according to Savanna welcomes three million customers each year and offers surrounding buildings tremendous foot traffic and visibility.
The residential condo building atop the retail space, featuring one- to five-bedroom condominium residences designed by Alan Wanzenberg, is 85 percent sold.
Adam Spies and Douglas Harmon of Eastdil Secured represented the seller. Amy Zhen and Jeffrey Roseman of Newmark Grubb Knight Frank will represent Savanna in its leasing effort.