$108M Olmstead Properties purchase of Savanna’s Midtown West office recorded

Olmstead Properties, Vertex Properties and Hamlin Ventures through the entity 19 W 44 Owner LLC paid $108 million to Savanna through the entity 19 West 44th Street Property Investors IV, LLC for the office building (O6) at 19 West 44th Street in Midtown West, Manhattan. The expected use is cash flowing.
The deal closed on June 4, 2026 and was recorded on June 22, 2026. The property has 235,199 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $459 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on October 16, 2017, for $195 million. The signatory for Savanna was Nicholas Bienstock . The signatory for Olmstead Properties , Vertex Properties and Hamlin Ventures was Samuel W. Rosenblatt . The contract date was March 6, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Olmstead Properties purchased two properties in one transaction for a total of $104 million and has no record it sold any properties over the past 24 months.
The seller Savanna purchased four properties in three transactions for a total of $381.7 million and sold five properties in four transactions for a total of $353.8 million over the same time period. The 235,199-square-foot property generated revenue of $19.4 million or $83 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on June 05, 2026 that Olmstead Properties and Vertex paid $108 million to Savanna for 19 West 44th Street, New York, NY. The brokers were Will Silverman and Gary Phillips of Eastdil Secured.

The property

The office building in Midtown West has 235,199 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 200 feet deep with a total lot size of 16,250 square feet. The lot is irregular. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $106 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on May 21, 2019. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 2nd highest sale turnover among other neighborhoods in the city with $4.7 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 38 million square feet of commercial and multi-family construction under development in the last two years, which represents 50 percent of the neighborhood’s built space. There were 254 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 11 of the 21 commercial properties representing 890,430 square feet of the 1,561,700 square feet. The largest owner is Keck Seng Investments , followed by Arc Global and then Joseph P. Day Realty.
On the tax block, there was one new building construction project filed totaling 108,411 square feet. It is a 125-unit, 108,411 square-foot residential (R-2) building submitted by Hiwin Group USA and filed by Harry Song with plans filed June 16, 2025 and it has not been permitted yet.

The majority, or 49 percent of the 1.6 million square feet of built space are office buildings, with hotel buildings next occupying 45 percent of the space.

The seller

The PincusCo database currently indicates that Savanna owned at least 12 commercial properties in New York City with 3,064,065 square feet and a PincusCo-determined asset value of $1.6 billion. The portfolio has $831.4 million in debt, with top three lenders as Blue Owl Capital , King Street Capital Management , and PIMCO respectively. Within the portfolio, the bulk, or 88 percent of the 3,064,065 square feet of built space are office properties, with O4 properties next occupying 10 percent of the space. The bulk, or 70 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.

The buyer

The PincusCo database currently indicates that Olmstead Properties owned at least seven commercial properties in New York City with 1,397,078 square feet and a PincusCo-determined asset value of $543.9 million. The portfolio has $336.9 million in debt, with top three lenders as Lincoln Life & Annuity Company of New York , Citibank, and Bank of New York Mellon respectively. Within the portfolio, all identified are office properties.

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