Savanna pays $435M to Westbrook Partners for property in Garment District

Savanna through the entity 1375 Broadway Property Investors V, LLC paid Westbrook Partners’s Gadol 45 Owner, LLC $435.0 million for 1375 Broadway in Garment District. The deal closed on July 10, 2020, and was recorded on July 16, 2020. The transaction consists of 1 parcel, including the tax class office building tower type with 20 or more stories (O4). The property is 464,951 square feet. The parcel(s) have total development potential of 464,951 square feet.
The average sale price per square foot is $936.

The last time the property sold was May 29, 2015, for $310,000,000.  Cushman & Wakefield’s Adam Spies, Doug Harmon, Josh King, Adam Doneger, Kevin Donner and Marcella Fasulo arranged the sale. The contract date was February 12, 2020.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 29, 2017.
Over the past five years, there have been 62 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 62 renovation/alteration projects (A2) applied for with a total estimated value of $13,250,573.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link