By Linda O’Flanagan
Savanna has acquired 15 East 26th Street, a 150,000 s/f boutique commercial condominium on the northern edge of Madison Square Park.
Sources say the company paid $57 million for the property, which includes a restaurant on the ground floor and eight office floors above the ground.
Savanna has retained DPM Architecture, P.C. to design and improvement package for the property and Jones Lang LaSalle has been named leasing agent, with a team led by Mitchell Konsker, vice chairman, with Matthew Astrachan and Matthew Polhemus.
The property is 14 percent vacant, including a 19,280 s/f full floor space on the third floor and 2,500 s/f on the 8th floor.
“We are excited to add this attractive property to our Manhattan office portfolio,” said Christopher Schlank, a manag
ing partner of Savanna. “The improvements we have planned will position 15 East 26thStreet as one of the premier office buildings in the neighborhood.”
The property was acquired from a joint venture consisting of Angelo, Gordon & Co, Belvedere Capital, Metropolitan Realty Associates and Walter & Samuels, which purchased it for $33 in 2010.million, according to records.
Adam Spies and Douglas Harmon of Eastdil Secured arranged the sale. The buyers were represented by the law firm of Cole, Schotz, Meisel, Forman & Leonard, P.A.
The remainder of the building is occupied by high-end condos under the name 15 Madison Square North.