The Real Deal New York

Thor files plans for Williamsburg retail conversion

Filing deviates from previously targeted 35K sf on North 6th Street

October 19, 2015 02:50PM
By Rey Mashayekhi

124-136 North 6th Street

Rendering of 124-136 North 6th Street in Williamsburg (credit: Thor Equities) (inset: Joseph Sitt)

Joseph Sitt’s Thor Equities filed plans Monday for its retail conversion of a site on North 6th Street in Williamsburg, and they’re somewhat different from what was expected.

The site, located at 124-136 North 6th Street between Bedford Avenue and Berry Street, will contain a three-story commercial building spanning almost 20,400 square feet, according to a permit application filed with the Department of Buildings.

The plans are a considerable departure from those previously expressed by Thor, whose website notes a retail development at the location spanning 35,000 square feet – with 10,000 square feet on each of the ground and lower levels and 7,500 square feet on the second and terrace levels.

The filing also indicates retail space on the ground floor only, with warehouse and manufacturing space on the second and third floors. Neither Thor nor Midtown-based Building Studio Architects, the project’s architect of record, could be reached for comment.

Thor acquired the assemblage for $21.5 million in August 2014, according to city property records. The site currently holds a pair of one-story commercial buildings housing restaurants, with vacant land between them.

In April, The Real Deal reported that Sitt was in contract to purchase another prime Williamsburg retail site at 176-180 Bedford Avenue from RedSky Capital for $36.1 million. That site allows for a total of 7,200 buildable square feet, plus another 7,200 square feet of roof and basement space.

Sitt also won’t have far to turn to find friendly faces in Williamsburg. His son, Jack Sitt, picked up a 10,000-square-foot building at 93 North 9th Street earlier this year, with plans to renovate the retail space.

Retail rents along Bedford Avenue’s prime shopping strip average $347 per square foot, according to a recent Brooklyn market report by the Real Estate Board of New York.