SL Green sells $100M loan secured by Savanna’s 1 Court Sq. to Davidson Kempner

SL Green Realty sold a $100 million loan secured by Savanna’s 1 Court Square to Davidson Kempner Capital Management, according to city property records filed yesterday.

Savanna owns the property, building class (O4) at 1 Court Square in Long Island City. The deal closed on October 1, 2020 and was recorded on October 15, 2020.
The property contains a total of 1,359,110 square feet of built space.

SL Green Realty sold a subordinate loan totaling $100 million provided earlier this year as part of an $880 million recapitalization of the building that included a $580 million loan from Apollo and the $100 million from SL Green. The last time the property sold was September 1, 2015, for $480,209,708.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 11, 2012.
Over the past five years, there have been 38 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $225,000. There were 37 renovation/alteration projects (A2) applied for with a total estimated value of $34,590,783.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link