NEW YORK—Savanna has acquired retail space at 465 Broadway from GLL Real Estate Partners for $57 million in an off-market transaction. The property consists of 9,400 sq. ft. of at-grade retail space and 4,700 sq. ft. of below-grade space in the residential condominium.
The deal was financed with a $42 million acquisition loan from Mesa West Capital and equity from Savanna Real Estate Fund II. Woody Heller, Will Silverman and Eric Negrin of Studley were the sole brokers in the transaction.
The retail condominiums at 465 Broadway, also known as 40 Mercer Street, is located in the SoHo Historic District and includes 75 ft. of frontage on Broadway, 180 ft. of frontage on Grand Street and 45 ft. of frontage on Mercer Street. The street-level space is 100 percent leased.
Designed by architect Jean Nouvel, the property was developed in 2007 by Hines, Goldman Sachs and Andre Balazs.