---
title: "Kaufman Under Contract to Buy Savanna’s Madison Square Park Properties for $125M"
url: https://burnaze.com/article/99f252b9-db04-44c9-b241-ca2a9d55a016
source: "Commercial Observer"
original_url: https://commercialobserver.com/2026/06/kaufman-contract-buy-savanna-madison-square-park-properties/
category: "Real estate"
industry: "Business Services"
segment: "Real estate"
published: 2026-06-08T20:34:36.000Z
modified: 2026-10-31T13:18:48.421Z
image: https://commercialobserver.com/wp-content/uploads/sites/3/2026/06/Michael-Kazmierski-Chris-Schlank-Nicholas-Bienstock-24-28-W-25th-St-credit-Propertyshark.jpg?quality=80&resize=1200%2C630&strip=
---

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

**TL;DR:** Kaufman Investments is under contract to buy Savanna's Madison Square Park properties, including 24-28 West 25th Street and 48 West 25th Street, for around $125 million. The properties were previously purchased by Savanna for more than $197 million between 2018 and 2019.

*originally published in Commercial Observer on 2026-06-08. [Read the original](https://commercialobserver.com/2026/06/kaufman-contract-buy-savanna-madison-square-park-properties/).*

## Story

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

## Entities

- Real Estate (sector)
- Commercial Observer (publication)
- real estate investment (topic)
- Morgan Stanley (company)
- acquisition financing (topic)
- property sale (topic)
- Rialto Capital (company)
- Eastdil Secured (company)
- Kaufman Organization (company)
- Mesa West Capital (investor)
- Columbia Property Trust (company)
- Madison Square Park (location)

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Originally reported by Commercial Observer (https://commercialobserver.com/2026/06/kaufman-contract-buy-savanna-madison-square-park-properties/). Summarized by Burnaze (https://burnaze.com/article/99f252b9-db04-44c9-b241-ca2a9d55a016).