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