Savanna, Deutsche Bank Pushing Off 521 Fifth Avenue’s Foreclosure Sale

More than two years after Savanna’s commercial mortgage-backed securities (CMBS) loan backing 521 Fifth Avenue defaulted, the lender is still working toward a plan to sell the 39-story office property near Bryant Park.

Deutsche Bank, which supplied the $242 million CMBS loan in 2019 for Savanna’s $381 million purchase of 521 Fifth, has sought an additional 90-day extension on the foreclosure sale of the 495,636-square-foot office building, according to a credit alert Wednesday from KBRA. The request was submitted with the borrower’s consent following three previous foreclosure sale extensions granted since April 2026, with Savanna jointly marketing the property with Deutsche Bank, according to KBRA. 

The floating-rate loan, which was in the COMM 2019-521F SASB CMBS deal, was structured as an initial two-year term with three one-year extension options. 

The property was taken off the market in September 2026 after it was initially marketed for $265 million, or $535 a square foot, before a potential sale fell through following several months of due diligence, according to KBRA. A June 2026 appraisal valued the property at $270 million, or $545 a square foot. 

A special servicer’s commentary reported leasing occupancy of 67 percent at 521 Fifth as of December 2025, down from 81 percent in December 2021 and from 90 percent in December 2020. KBRA data showed that 84,440 square feet, or 17 percent of the building’s gross leasable area, was listed as of September 2026, according to KBRA. 

Patrick Czupryna, managing director at KBRA Credit Profile, a subsidiary of KBRA Analytics, noted that two Midtown properties located less than a mile from 521 Fifth recently sold for less than the appraised value of the buildings. 

The 303,000 square-foot Berkeley Building at 19 West 44th Street, which was 79 percent occupied, was acquired by a joint venture between Hamlin Ventures, Olmstead Properties and Vertex Properties for $108 million, or $356 a square foot, in June 2026. 

The 531,270 square-foot building at 260 Madison Avenue was purchased by AmTrust Realty for $211.2 million, or $398 a square foot, in December 2025 and was 68 percent occupied at the time of the sale.

Deutsche Bank did not immediately return a request for comment. Savanna declined to comment. 

Andrew Coen can be reached at acoen@commerialobserver.com.