Savanna Buys Discounted Madison Avenue Office Building in $50M Short-Sale Deal
Savanna adds another bargain to their portfolio with the purchase of Westbrook Partner's 444 Madison Avenue for $50 million.
Savanna, led by Nicholas Bienstock and Christopher Schlank, has made a bold move by purchasing the leasehold on Westbrook Partners' 444 Madison Avenue for $50 million in a short-sale deal. This comes at a time when Savanna is facing their own financial struggles.
Westbrook Partners had acquired the lease on the 1930s-era office building for $314 million in 2007. However, they defaulted on their Wells Fargo $120 million loan, putting the property up for sale. The bank offered the loan for sale last year, giving potential buyers the opportunity to take over the property through a deed-in-lieu.
Savanna has been known for their skill in purchasing distressed properties at discounted prices. They recently made headlines with their acquisition of the leasehold on 5 Bryant Park for $245 million, well below the property's $450 million valuation.
"Savanna has a track record of success in identifying opportunities in the market and making strategic acquisitions," said a spokesperson for the firm.
This latest purchase adds to Savanna's growing portfolio of properties, which includes 100 Wall Street and 540 Madison Avenue. The firm has been actively purchasing properties in New York City, taking advantage of the current market conditions.
Originally reported by The Real Deal.
https://therealdeal.com/new-york/2025/09/03/savanna-buying-444-madison-avenue/