Savanna Sells Mixed-Use W’burg Building to Sitt Brothers for $6.8M [Updated]
Terence Cullen Aug. 10, 2015, 4:36 p.m.
Savanna is continuing its sales blitz, this time announcing a big Brooklyn transaction.
Commercial Observer has learned that the landlord sold 210 Bedford Avenue in Williamsburg to Status Capital. The sale of the 3,219-square-foot building closed last Wednesday, according to Savanna.
“The staggering price per square foot metrics and succinct transaction times further underscore Bedford Avenue as Brooklyn’s premiere destination for both institutional and local investors,” said Brendan Maddigan of Cushman & Wakefield, who represented Savanna in the sale, in prepared remarks.
Status Capital, which is owned by brothers Ralph and David Sitt, paid $6.8 million for the building, according to a source familiar with the deal. Ralph Sitt did not immediately return a call for comment. That’s more than double what Savanna paid for it in 2013, when property records show it delved out $3.8 million.
During the two years it owned the building between North 5th and North 6th Streets, Savanna converted the second- and third-floor residential spaces into a luxury duplex. The 880 square feet of retail space was leased out to Juice Generation in a 10-year deal, CO reported in September 2013.
“Williamsburg is a cultural destination and has even become a major destination for many New York City tourists,” said Justin Oates, a senior associate at Savanna, in prepared remarks. “The influx of both local and national retailers and residential developments will continue to stimulate and change this dynamic neighborhood.”
As CO has reported in the past, the 23-year-old company has been on a sales blitz in the last few months. Last week the company sold off its ground lease for 31 Penn Plaza, or 132 West 31st Street, to the Vanbarton Group for $265 million. Savanna last month closed on the $275 million sale of 100 Wall Street to Cornerstone Real Estate Advisers, four years after buying the building for $120 million.
The company could make even more money with one of its biggest sales: 1 Court Square in Long Island City. Savanna announced earlier this year it was marketing the 1.5-million-square-foot building after buying the controlling stake in it last year. Robert Knakal of Cushman & Wakefield is currently marketing the building, which is anchored by Citibank.
Update: This story was edited to provide an updated sales figure, as well as a quote from Savanna’s broker.