From left: Thor CEO Joseph Sitt and 516-520 Fifth Avenue (credit: PropertyShark)

Joseph Sitt’s Thor Equities filed demolition plans yesterday for three adjacent properties on Fifth Avenue, according to city Department of Buildings records. Thor plans to redevelop the three buildings, located at 516, 518 and 520 Fifth Avenue between 43rd and 44th streets, into a 300,000-square-foot building, a spokesperson said. The plans call for building “an architecturally significant modern glass building,” according to a press release the firm sent to The Real Deal. [more]

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. … [more]