Two Madison Square Park properties are about to change hands, Commercial Observer has learned.\u00a0<\/p>\n
Savanna<\/a>\u2019s 24-28 West 25th Street and 48 West 25th Street, also known as the Madison Square Collection, are being sold to Kaufman Investments<\/a> for around $125 million, sources said.\u00a0<\/p>\n SEE ALSO: Senior Housing Operator Omni Lifestyle Living Buys Midtown Marriott for $40M<\/a><\/p>\n Eastdil Secured<\/a>\u2019s Gary Phillips and Will Silverman negotiated the sale, which is expected to close in the next week or two, sources said, while Rialto Capital<\/a> is providing Kaufman Investments with acquisition financing for the purchase.\u00a0<\/p>\n Both properties sit along the same block between Broadway and Avenue of the Americas, just west of Madison Square Park in Manhattan\u2019s Flatiron District. The trio of 12-story office assets were purchased by Savanna for more than $197 million between 2018 and 2019, according to property records.\u00a0<\/p>\n Savanna acquired 48 West 25th Street first in 2018 from longtime owners the Kalpper family for $90 million. The deal was financed with a $47.9 million mortgage from Morgan Stanley\u2019s Mesa West Capital, The Real Deal reported at the time<\/a>, and came with plans for a $21 million renovation.\u00a0<\/p>\n Savanna picked up the twin buildings at 24 and 28 West 25th Street a year later from Japanese investment firm Unizo Holdings for $107.35 million.\u00a0<\/p>\n Kaufman\u2019s plans for the West 25th Street collection are unclear. The Kaufman Organization affiliate, headed by Michael Kazmierski, recently snapped up 48 West 25th Street\u2019s boutique office neighbor, 40 West 25th Street, in partnership with Two Sigma Real Estate. The pair paid roughly $52 million for the 137,000-square-foot property, CO reported in late April<\/a>.\u00a0<\/p>\n Chris Schlank and Nick Bienstock\u2019s Savanna has kept busy the past two years acquiring Manhattan\u2019s bargain-priced office towers. The buying spree included the $255 million purchase<\/a> of Columbia Property Trust\u2018s 799 Broadway in November 2024, just two months after Savanna\u2019s own deeply discounted sale<\/a> of 360 Lexington for $65 million. Savanna then secured the $85 million leasehold<\/a> for Invesco\u2019s 430 West 15th Street and rounded out 2025 with the $50 million acquisition<\/a> of the leasehold for Westbrook Partners\u2019 444 Madison Avenue.<\/p>\n Kaufman, Savanna, Eastdil and Rialto did not immediately respond to requests for comment.<\/p>\n Emily Davis can be reached at edavis@commercialobserver.com<\/a> and Cathy Cunningham can be reached at ccunningham@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Two Madison Square Park properties are about to change hands, Commercial Observer has learned.\u00a0 Savanna\u2019s 24-28 West 25th…\n","protected":false},"author":2,"featured_media":260763,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[101336,101337,101338,4460,2664,101339,9,24,101340,63,15568,122,124,123,101341],"class_list":["post-260762","post","type-post","status-publish","format-standard","has-post-thumbnail","category-queens","tag-24-28-west-25th-street","tag-48-west-25th-street","tag-chris-schlank","tag-gary-phillips","tag-investments-sales","tag-michael-kazmierski","tag-new-york","tag-new-york-city","tag-nick-bienstock","tag-nyc","tag-portfolio-sale","tag-queens","tag-queens-headlines","tag-queens-news","tag-will-silverman-channel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/260762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=260762"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/260762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/260763"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=260762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=260762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=260762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}