Princeton International Properties has purchased 104 West 40th Street from Savanna for just over $100 million, The Commercial Observer has learned.
The 210,000-square-foot Midtown Manhattan office building is located steps from Bryant Park on 40th street and Broadway.
Savanna purchased the 20-story glass and steel landmark in 2010, refurbishing it with renovated elevators, building systems, an improved lobby – and a strategy of re-leasing the vacant space at market rents.
CWCapital has arranged a $46 million loan for a mixed-use building on Manhattan’s Upper West Side. The loan was provided by Principal Real Estate Investors, which through a spokesman said that it has been targeting such “attractive opportunities,” investing in multifamily throughout the New York City boroughs.
Todd Trehubenko, a CWCapital managing director, arranged the financing. The company declined to comment beyond a release about the deal, citing requested anonymity on the part of the borrower. However, Mr. Trehubenko said in a prepared statement that CWCapital was “very pleased to be able to complete this transaction for the borrower.” He added that it is “a top-quality asset in a terrific location, with dedicated, long-term ownership.”