Savanna, a New York-based real estate private equity and asset management firm, has sold the 14,100 s/f retail condominium at 465 Broadway for $80 million. The property consists of 9,400 s/f of at-grade retail space and 4,700 s/f of below-grade space in the residential condominium building also known as 40 Mercer St. Designed by architect Jean Nouvel, the property was developed in 2007 by Hines, Goldman Sachs and Andre Balazs.
Savanna acquired the retail condominium in July, 2012 for $57 million in an off-market transaction. 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, Eric Negrin, and Daniel Parker of Studley were the sole brokers.