Parking Lot Across From Penn Station to Go Residential

The New York-based Savanna Real Estate Fund is planning a 100,000 square foot mixed-use building across the street from the Farley Post Office and Pennsylvania Station, a corner site home to a parking lot.

The site, 415 Eighth Avenue, is on the southwest corner of Eighth Avenue and 31st Street, a location certain to benefit from the gargantuan amount of development – about $14 billion – envisioned for the immediate area by the state, Vornado Realty Trust, and Related Companies.

Savanna purchased the site for $27,850,000 in early September, according to property records, after the site appeared to have been privately owned since at least the 1980s.

The development plans for the site were announced by Bensen & Associates’ Adelaide Polsinelli, who brokered the sale.

Other representation in the deal came from the Laurie Grasso of Herrick Feinstein for the buyers and Seligson, Rothman & Rothman’s Aaron Seligson for the sellers.