Savanna Closes $65M Sale of Penn Station Site

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415 Eighth Avenue
415 Eighth Avenue

Savanna Properties has sold off a development site at 415 Eighth Avenue for $65 million, and the new owner is slated to turn it into a residential building with a “significant retail component,” said Robert Knakal of Massey Knakal Realty Services, the lone broker in the deal.

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The sale closed on March 24 and was filed with the city today.

The buyer, a private investor, will eventually build on the 31st Street site and its location across from Moynihan Station and Penn Station makes it ideal for retail, Mr. Knakal said.

Central Parking has a parking facility on the site with a 60-day termination clause.

Savanna sold the property, Mr. Knakal said, because it “wanted to take advantage of the current crazy land market.”