Real estate private equity and asset management firm Savanna has sold its leasehold on its 72,000-square-foot office building at 576 Fifth Avenue to Michael Miller, Brandon Miller and Mark Seigel of Real Estate Equities Corp, Commercial Observer has learned.
The property, which was sold for an undisclosed amount, sits on the corner of Fifth Avenue and East 47th Street in Midtown’s Diamond District. Today, there is a jewelry exchange on the ground floor and office space on the upper floors of the 11-story building, constructed in 1907.
New York-based real estate private equity and asset management firm Savanna has closed on its acquisition of two adjacent loft-style office buildings at 245 West 17th Street and 249 West 17th Street in Chelsea for $75.8 million, city records show.
Originally a dry goods warehouse and wagon house for the Siegel-Cooper Company department store, the property at 249 West 17th Street is a 145,000-square-foot, six-story building. The other property, equal in square footage, is 12 stories high.
The two properties have a combined 40,000 square feet of office space and are located within a couple blocks of Chelsea Market, the Meatpacking District and Google’s 111 Eighth Avenue.
Real estate investment firm Savanna has acquired 576 Fifth Avenue after first taking the property’s defaulted first mortgage in February. According to statement from Savanna, it will pour millions of dollars into the building as part of a capital improvement program.
The 72,000-square-foot office building is located on the corner of Fifth Avenue and 47th Street. Its roster of current tenants sparkles with the likes of Diva Diamonds, Carats by Stacey and Optimum Diamonds.
According to sources, up until last week the previous owner of the leasehold was Western Management, which couldn’t be reached for comment. That previous owner consented to relinquishing the building to Savanna.