The Real Deal New York

Sitt to build Fifth Avenue mixed-use complex

Developer agrees to buy three-building portfolio from RFR Holding

December 05, 2011 08:54AM

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Joseph Sitt, CEO of Thor Equities, and 516 Fifth Avenue

Joseph Sitt’s Thor Equities has agreed to acquire three connected buildings at 516-520 Fifth Avenue and 43rd Street from developer RFR Holding, the Wall Street Journal reported, and is planning to demolish the existing properties and build a new $250 million, 350,000-square-foot mixed-use complex at the site.

The acquisition isn’t Sitt’s sole investment on Fifth Avenue of late. The Thor CEO has also agreed to purchase a building at 445 Fifth Avenue near 39th Street, the Journal said, bringing his holdings on the avenue to eight buildings, all but one of which are south of 49th Street. The exception is the trophy Takashimaya building between 54th and 55th streets, which Sitt acquired last year for $142 million.

“We’re seeing a dramatic shift on Fifth Avenue down to 42nd street,” Sitt said. “And we expect it will expand further, stretching like a rubber band down Fifth to the mid 30s.”

The firm is already talking with hotel companies and residential developers who might team up with Thor on the mixed-use development, he added. [WSJ]

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