Giscombe Realty Group sells 1825 Park Avenue to Savanna for $48 million

New York, NY Giscombe Realty Group sold the historic Lee Building in Harlem for $48 million to Savanna. The 12-story office building at 1825 Park Ave., on the corner 125th St., adjacent to the Metro North station, is owned by Eugene Giscombe, the principal and founder at Giscombe Realty Group, who purchased the Lee Building back in 1979 for a mere $40,000. The 135,000 s/f office and retail building, was also the headquarters of Giscombe Realty Group, a commercial real estate management, leasing, development and brokerage firm located in Harlem for over three decades. When Giscombe first purchased the Lee Building it was only 20% occupied. Today it is almost fully occupied. “The East Harlem commercial market has come full circle and the time was right to sell now,” said Giscombe. “We believed that 125th would become the next office mecca in Manhattan and it has. The people and businesses that can’t afford midtown rents but want proximity to midtown have discovered 125th Street is a smart alternative.” Savanna has a comprehensive capital improvement program slated for the property that will reposition the building as an institutional-quality property in Harlem’s supply-constrained office market. Jack Bick and Erik Otema of S. Charatan Realty represented Giscombe in the transaction. Laurie Grasso and Anthony Bonan of Hunton & Williams provided legal counsel for Savanna.