95 Evergreen offers premier office and retail space in Bushwick
Savanna, the New York-based real estate investment and development firm, and its joint venture partner Hornig Capital Partners, are pleased to announce the completion of the redevelopment of 95 Evergreen Avenue in Bushwick, Brooklyn. Savanna and HCP acquired the five-story, 165,000 square-foot former Schlitz Brewery in January 2015 and implemented a large-scale capital improvement program to transform the building into high-end office and retail space.
Savanna and HCP’s $30 million project included renovating the façade, windows, roof, generator, elevators, electric and plumbing systems, fire alarms, sprinklers, and HVAC systems. Fogarty Finger, a downtown New York City architecture and interiors firm that specializes in sophisticated and contemporary commercial projects, designed the upscale and modern space. Chris Fogarty and Harshad Pillai led the design efforts.
Initially built for Schlitz brewing operations, many of 95 Evergreen’s historic qualities, including 15 to 37 foot ceilings and efficient floor plates of up to 37,500 square feet, were preserved, as brand new building systems were installed to modernize the infrastructure and create a unique space for office and retail tenants seeking to expand or establish their presence in Brooklyn. Other new features of the building include a roof deck with views of the Manhattan skyline and a custom light fixture in the lobby with 8,400 backlit Schlitz bottles.
“95 Evergreen is truly a one-of-a-kind space unlike any other offering in Brooklyn and quite possibly all of New York City,” said Tom Farrell, Managing Director of Savanna. “We have seen that many of the creative and entrepreneurial companies with offices in New York want to be in locations that are proximate both to their employee base and to public transportation. The rebuilt 95 Evergreen’s grand physical attributes cater to those tenants and its location just a few blocks away from the Myrtle Avenue J, M, Z train station as well as the Morgan Avenue L train station provides them – and their employees – with the multi-point transportation access that they need, especially given the potential for service interruptions related to the MTA’s proposed L train repairs.”
Bushwick has emerged as one of Brooklyn’s most up-and-coming neighborhoods and continues to transform with new office, retail, residential and hospitality developments. With the Myrtle Avenue J,M,Z train station and Morgan Avenue L station nearby, 95 Evergreen is accessible from major hubs in Manhattan including Midtown, the Financial District, Union Square, Chelsea, the Flatiron District, and the Lower East Side.
Savanna and HCP are relaunching the newly completed property to the market this summer, with Mitchell Arkin and Joseph Cirone of Cushman & Wakefield heading leasing efforts for the office space and Andrew Clemens of Ripco Real Estate handling leasing for the retail space.
About Savanna
Formed in 1992, Savanna is a real estate investment and development firm based in New York City and run by Managing Partners Christopher Schlank and Nicholas Bienstock. The firm pursues opportunistic real estate equity and debt asset investments throughout the northeastern United States, with a particular focus on owning and operating properties in New York City. The firm’s equity investments target superior risk-adjusted returns by adding value through asset management and/or property development, redevelopment, and repositioning. Savanna also selectively invests in real estate debt instruments that have the potential to generate equity-like returns, including preferred equity instruments, high yield bridge and mezzanine loans, and B-notes. Since 2006, Savanna has invested more than $2.9 billion in total capital across nearly 14 million square feet of real property.
About Hornig Capital Partners
Hornig Capital Partners ("HCP") is a privately held real estate investment company specializing in value added properties in the New York metropolitan area and select markets throughout the United States. HCP is led by an entrepreneurial team who works with sellers to help them creatively maximize their returns via fee simple acquisitions, joint ventures, recapitalizations and ground leases. HCP seeks out investment opportunities in which it can add value to properties that have the potential for capital appreciation and risk adjusted returns which may include components of new development, redevelopment and/or leasing. HCP will also selectively invest in stabilized assets for long term property appreciation.
