The Real Deal New York

Thor Equities marketing three Midtown properties

693 and 590 Fifth Avenue among the addresses on the block

March 09, 2016 09:31AM

From left: 639, 590 and 530 Fifth Avenue in Midtown and Joe Sitt

Joseph Sitt’s Thor Equities is looking to sell a handful of office and retail properties on Fifth Avenue.

The developer is marketing 693 and 590 Fifth Avenue, along with the retail portion of 530 Fifth Avenue, which it owns in a join venture with Scott Rechler’s RXR Realty and General Growth Properties, a mall-focused real estate investment trust, Bloomberg reported.

Sitt’s firm bought the 101,000-square-foot 693 Fifth Avenue, home to a Valentino location, in 2010, for $142 million. It picked up the 82,000-square-foot 590 Fifth Avenue, which houses the NBA store, for $90 million in 2007.

Thor and its partners bought the 500,000-square-foot office and retail tower at 530 Fifth Avenue for $595 million in 2014. Only the building’s 100,000-square-foot retail portion is currently on offer.

The sales come amid murmurs of a slowdown in the commercial real estate market. The Blackstone Group’s Jonathan Gray said last week that returns on investment in the sector were falling, hit by international volatility and tighter lending. [Bloomberg]Ariel Stulberg