Kaufman Under Contract to Buy Savanna’s Madison Square Park Properties for $125M

Two Madison Square Park properties are about to change hands, Commercial Observer has learned.

Savanna’s 24-28 West 25th Street and 48 West 25th Street, also known as the Madison Square Collection, are being sold to Kaufman Investments for around $125 million, sources said.

Eastdil Secured’s Gary Phillips and Will Silverman negotiated the sale, which is expected to close in the next week or two, sources said, while Rialto Capital is providing Kaufman Investments with acquisition financing for the purchase.

Both properties sit along the same block between Broadway and Avenue of the Americas, just west of Madison Square Park in Manhattan’s 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.

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’s Mesa West Capital, The Real Deal reported at the time, and came with plans for a $21 million renovation.

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.

Kaufman’s plans for the West 25th Street collection are unclear. The Kaufman Organization affiliate, headed by Michael Kazmierski, recently snapped up 48 West 25th Street’s 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.

Chris Schlank and Nick Bienstock’s Savanna has kept busy the past two years acquiring Manhattan’s bargain-priced office towers. The buying spree included the $255 million purchase of Columbia Property Trust‘s 799 Broadway in November 2024, just two months after Savanna’s own deeply discounted sale of 360 Lexington for $65 million. Savanna then secured the $85 million leasehold for Invesco’s 430 West 15th Street and rounded out 2025 with the $50 million acquisition of the leasehold for Westbrook Partners’ 444 Madison Avenue.

Emily Davis can be reached at edavis@commercialobserver.com and Cathy Cunningham can be reached at ccunningham@commercialobserver.com.

Keywords: 24-28 West 25th Street, 48 West 25th Street, Chris Schlank, Gary Phillips, Michael Kazmierski, Nick Bienstock, Will Silverman, Eastdil Secured, Kaufman Investments, Rialto Capital, Savanna