NEW YORK CITY—Real estate private equity firm Savanna has acquired 1825 Park Ave. in Harlem from Giscombe Realty Corp. in a deal valued at $48 million.

Savanna, which also engages in asset management, plans to undertake what it calls a comprehensive capital improvement program to reposition the property as an institutional quality building. The company did not divulge the projected cost of the capital improvements that will include a lobby and entrance renovation, facade upgrade, HVAC and electrical improvements and renovation of the common areas and restrooms.

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