Savanna, the New York-based private equity real estate firm, and Atom Assets, a Hong Kong-based real estate investment firm, have closed on a class A Manhattan office building, the firms said Tuesday.
A spokeswoman for Savanna declined to disclose the price or terms of the agreement. Savanna and Atom Assets purchased the building, at 106 West 56th Street, from Jesuit media company American Press. The building is located three blocks south of Central Park and currently houses the media firm and a Jesuit education foundation.
The joint venture received a $40.4 million loan from United Overseas Bank to fund the purchase, according to media reports. The new owners plan to demolish the current 36,000-foot property and build a 90,000 square foot, 26-story boutique office building, catering to high net worth individuals, family offices, small financial services companies and private equity firms. The development is slated for completion in 2019.
Atom Assets, founded by Allen Lin and Ariel Shtarkman in 2014, invests in real estate on behalf of Asian family offices and high net worth individuals. The firm works as an equity partner with US asset managers across asset classes and investment strategies.
“New York continues to represent an attractive market for real estate investors from Asia,” Lin said in a statement. “106 W 56th meets all of our investment criteria: partner, location and strategy.”
A spokeswoman declined to comment on Atom Assets’ other US investments.
Shtarkman will be a panelist at PERE’s Family Office & Private Investor Forum in Hong Kong in May. For more information, visit the event site: http://events.perenews.com/events/pere-family-office-private-investor-forum-hong-kong/speakers-015e8cce7f6b4c378cdd7ba3a8e924b1.aspx?p=17