Commercial Breaks

Savanna Closes 580K SF of Leasing in 2013

31 Penn Plaza

Real estate private equity firm Savanna closed over 580,000 square feet of leasing in its portfolio across 59 deals in 2013, The Commercial Observer has learned.

“The significant number of lease renewals, expansions and new leases is evidence of the brokerage and corporate communities’ confidence in Savanna properties,” said Nicholas Bienstock, managing partner at Savanna, in a prepared statement. “We thank the brokerage community for their continued support in these transactions and look forward to working together again in 2014.” Read More

Lease Beat

Barneys to Make Chelsea Return

The original Barneys location in Chelsea, c. 1989

Luxury retailer Barneys has announced plans to return to Chelsea with a 57,000-square-foot downtown flagship at the store’s original location at 101 Seventh Avenue.

The new store, slated to open in 2017, will consist of five floors at space now occupied by discount department store Loehmann’s, which has filed for bankruptcy.

Read More

Sales Beat

Savanna Pays $75.8M for Adjacent Chelsea Loft Buildings

249 West 17th Street -- the former Siegel-Cooper warehouse

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. Read More

REBNY Releases Deal Of The Year Award Candidates

Times Square Theatre

The Real Estate Board of New York released the candidates for its annual retail deal of the year awards yesterday. This year’s field includes 10 transactions. The winner will be announced at an awards ceremony on June 12.

As would be expected, the lineup includes a number of prominent leases. Read More


Walking the REBNY Ballroom: Hungry Brokers, Angry Lapidus

1173 REBNY 116th Annual Banquet, 1.19.12

Speeches were casually ignored, drinks were spilled and bonds were formed at last Thursday’s 116th annual Real Estate Board of New York Gala, which this year drew an estimated 2,000 brokers, owners, advertising buyers and real estate reporters to the New York Hilton for an evening of conviviality, honorifics and hushed deal making. Among the fray was Commercial Observer staff writer Daniel Geiger, who during the course of the evening saw his stenopad tossed by an irate real estate broker and who unabashedly accosted Studley’s Woody Heller in the hotel’s bathroom, all for the sake of the story. Below, a timeline of gala comings and goings, from the innocuous gossip down to the downright obnoxious.  Read More

Prospective Tenants

The Starbucks of Cupcakes

You can already follow the trail of Crumbs from the tip of the island almost to the top of Central Park. But the cupcake maker could eventually become one of the city’s most ubiquitous food chains.

“How many locations does Starbucks have?” Newmark Knight Frank’s Jeff Roseman, who represents the tenant, asked The Commercial Observer Read More