Savanna finishes $2.3M single-floor rehab at 5 Bryant Park

Savanna, on July 27, completed a $2.3 million rehabilitation of one floor at 5 Bryant Park, which has an alternate address of 1065 Avenue of the Americas, in Times Square.

The plans, pre-filed by the property manager Equity Office on February 9, 2018, call for a rehab of the third floor of the 443-foot tall, 35-story, building. The plans were permitted on February 13, 2018. The plans were pre-filed a little over three months prior to Savanna acquiring the building.

The project is described in the filings as: removal and installation of interior nonbearing partitions and related finishes and modification to existing HVAC system as per plans filed herewith. No change in use, egress or occupancy under this application. The initial cost as reported in the DOB filing for the work described in this permit application is $2,325,000.

Savanna acquired the building from Blackstone for $640 million on May 23, 2018. Deutsche Bank provided a $463 million loan to facilitate the acquisition.

Reports around the time of the sale indicated the private equity firm led by Chris Schlank and Nicholas Bienstock was planning to modernize the property by renovating the lobby, bathrooms, corridors, terraces and windows throughout the building. The amount of money the firm planned to pour into the redevelopment was not stated.

Since the date of purchase, the firm has filed 38 A2 plans at the property, and two so far this year.

Blackstone had owned the building since 2006, when they acquired it as part of a $7.2 billion purchase of Trizec Properties, in partnership with Brookfield Property Partners. Blackstone then bought out Brookfield for $295.4 million in 2011 to become the sole owner of the building.

Direct link to Acris document.LINK

Direct link to DOB document.LINK