Savanna nabs another discounted office building with $50M short-sale deal
Savanna is pouncing on yet another discounted office deal, even as the company works through its own distress issues. Nicholas Bienstock and Christopher Schlank’s company is in contract to buy the leasehold on Westbrook Partners’ 444 Madison Avenue for $50 million, The Real Deal has learned. Westbrook, which bought the lease on the 1930s-era office building for $314 million in 2007, defaulted on its Wells Fargo $120 million loan. The bank put the loan up for sale late last year in an offering that would have given a buyer a direct path to taking over the property through a deed-in-lieu […]
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