Princeton International Properties Corp. has successfully completed its acquisition of Park House, located at 104 W. 40th St. in New York City, from Savanna for a reported $105 million, or about $499 per square foot.
The 21-story, 210,342-square-foot, class A office tower was developed in 1962 by Springs Mills, Inc. with architect Harrison, Abramovitz & Harris in the Penn Plaza / Garment District submarket of Manhattan, next to Bryant Park between Broadway and Sixth Ave. The property connects 39th and 40th Streets and boasts a stunning 90-foot modernist mural by contemporary artist Sarah Morris.
Savanna acquired the building in August 2010 for $56.5 million from an owner that paid $140 million in 2007, according to CoStar data. In the last two years the firm completed a $5 million capital improvement plan that included HVAC, building envelope and infill upgrades. During that time Savanna increased building occupancy from 25 to 70 percent with more than 90,000 square feet in new leases at the landmarked property.
Adam Spies and Douglas Harmon with Eastdil Secured LLC represented the seller. Josh Rahmani and Soly Halabi with Venture Capital Properties LLC represented the buyer. The buyer has retained Paul Amrich, Michael Movshovich and Neil King at CBRE to continue leasing at the property.
Please see CoStar COMPS #2619588 for additional information on this transaction.