Nick Bienstock & Christopher Schlank Of Savanna Acquire Office Tower In Midtown Manhattan For $50M
444 Madison Avenue
$50,000,000
$105/SF
Building Size
475,000 SF
Asset Type
Office
Closing
Sep 4, 2025
About this deal
AI
The leasehold interest in the office tower at 444 Madison Avenue, located in Midtown Manhattan, was transacted at a sale price of $50 million. The property encompasses 475,000 square feet, reflecting a price per square foot of $105.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $50,000,000
- Address: 444 Madison Avenue
- Market: Midtown Manhattan
- Buyer: Nick Bienstock & Christopher Schlank - Savanna
- Seller: Paul Kazilionis - Westbrook Partners
- Brokers: Christopher Schlank, Adam Spies & Adam Doneger - Newmark
- SF: 475,000
- PPSF: $105
The transaction involved key individuals including Nick Bienstock and Christopher Schlank representing Savanna, along with Paul Kazilionis from Westbrook Partners overseeing the selling side. The deal was facilitated by brokers Christopher Schlank, Adam Spies, and Adam Doneger from Newmark, showcasing a collaborative effort in a short sale.
On the Map
$50,000,000
$105/SF
Office
View full map
Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Deal FAQ
Visit Adam Spies to view all their deals.
Browse New York office sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93