Yet another Chelsea office building beloved by tech companies is in contract to Savanna for just under $100 million.
The current prize is the 126,258-square-foot 48 W. 25th St. between Broadway and Sixth Avenue near Madison Square Park.
Although the 12-story building sits midblock, it is wrapped on the side and rear by a protected garden, leaving it plenty of light, air and windows.
Built in 1920, it has been owned since the 1970s by the Klapper family of Superior Sewing equipment. The company also occupies 24,758 square feet covering the ground floor retail space, a lower level, mezzanine and second floor under a short lease and well-below market rent.
Adam Spies, Doug Harmon, Adam Doneger, Marcella Fasulo of Cushman & Wakefield handled the fast-track marketing for the family company.
Cushman & Wakefield declined comment, and Savanna did not return a call for comment.
Earlier this year, Savanna and the Silvermintz family sold the newly constructed 540 W. 26th St. on the western edge of Chelsea — where Jay Z has his offices — for $247 million, also through Harmon and Spies.
Nearby, Spies, Harmon and Kevin Donner are now leading the sales process for PGIM Real Estate and L&L Holding in marketing 511-41 W. 25th St., next to the High Line.
The Ironworks consists of three loft-style office buildings, with tenants including Target’s offices and galleries. WeWork signed for 60,000 square-feet last month, The Real Deal reported.
The complex was purchased in 2014 for $160 million and is now expected to sell for around $175 million.
