The Real Deal New York

ASB to pay Thor $90M for Dolce & Gabbana’s Soho home

Joseph Sitt’s firm paid $27M for 155 Mercer Street

June 24, 2016 08:00AM

From left: 155 Mercer Street, Joseph Sitt and Helen Hwang

From left: 155 Mercer Street, Joseph Sitt and Helen Hwang

Three years after shelling out $27 million for a Soho retail building, Joseph Sitt’s Thor Equities is selling 155 Mercer Street for $90 million.

Bethesda, Md.-based ASB Real Estate Investments is in contact on the 14,600-square-foot property, which is fully leased to luxury fashion house Dolce & Gabbana, Commercial Observer reported.

Thor put the four-story building located between Prince and West Houston streets on the market earlier this year, as The Real Deal reported. Last year, Dolce & Gabbana signed a triple-net lease to occupy the entire property, which Thor is in the middle of revamping for the retailer’s use. Renovations included a restoration of the 1854 façade and a new storefront.

Thor acquired the property, a former firehouse, for $27.3 million in 2013 from the nonprofit Joyce Theater Foundation. The building is located in the Soho’s Cast Iron District, and has ceiling heights ranging from 15 to 21 feet as well as 45 feet of frontage. The average ground-floor retail asking rents in the area are $600 to $800 per square foot.

Meridian Capital Group’s Helen Hwang was marketing the property. “The opportunity to control a standalone retail property of this size anywhere in Manhattan is a rarity,” she told TRD earlier this year.

Thor also owns retail co-ops at 169 Mercer Street and 424 Broome. It recently sold a retail co-op at 138 Greene Street for $38.5 million.  [CO] — E.B. Solomont

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