Fifth Avenue’s latest high-end tenant has moved in. [more]
Posts Tagged ‘693 fifth avenue’
CBRE retail broker Andrew Goldberg has been promoted to vice chairman at the commercial real estate brokerage.
Representing both tenants and landlords, he was the first retail broker at the firm to reach the status of top producer. After 23 years in the business, he has brokered deals totaling more than $4 billion and won the Real Estate Board of New York’s Retail Deal of the Year award twice. [more]
In its ongoing effort to land a retail tenant for the former Takashimaya building on Fifth Avenue, Thor Equities is spending another $5 million to spruce up the six-floor space, Crain’s reported. The space has been on the market for 19 months, CoStar Group data shows.
The upgrade intends to convert 2,000 square feet of lobby space into retail space and brings the total six-floor retail square footage to 44,500. When complete in September, a three-story glass facade will also be added to the building. Once a retailer is signed on, Thor will spend millions more to build out the space. [more]
A new tenant for the high-profile Takashimaya building at 693 Fifth Avenue will likely pay a ground-floor rent higher than the $2,000 per square foot that Swatch recently signed for in a space nearby, property owner Joseph Sitt, chairman and CEO of Thor Equities, said in an interview with Insights from The Real Deal (see video above).
Swiss-based Swatch inked a 15-year deal that starts at about $2,000 per square foot in the retail condo at 666 Fifth Avenue owned by Carlyle Group, Kushner Companies and Crown Acquisitions.
Sitt said there was “no question” he would get rents in the range of $2,500 per square foot. He added there were six tenants looking seriously at the space in the 20-story building.
In addition, Robert Knakal, chairman of commercial brokerage Massey Knakal Realty Services, told Insights that the first quarter sales for retail property in Manhattan nearly reached the $586 million figure for all of 2010. … [more]
Thor Equities announced today that it officially closed on a deal to purchase the Takashimaya building at 693 Fifth Avenue for $142 million. Thor also announced the start of
for the property. The building is currently a mix of retail and
commercial uses, but after the renovation, the first eight floors will
be transformed into 6,000 square feet of retail space, while floors
nine through 20
will keep their original design. The existing granite columned façade
will also be replaced with a more modern glass one. Construction is
expected to start in the fall, with completion slated for late spring
of 2011. Thor will be acting as its own leasing agent and, as part of
any deal, the new tenant will have the exclusive right to name the
One of the few unlandmarked buildings in Fifth Avenue’s key retail
corridor could see a major revamp in the coming months, according to
the Wall Street Journal. After buying the Takashimaya building for $142 million in June,
Thor Equities plans to transform the building, which sits between 54th
and 55th streets, into an eight-floor retail hub. The real estate
developer is set to expand 693 Fifth Avenue’s retail space to 6,300
square feet, from its current level of 3,500 square feet, while also
completely revamping the building’s facade — a renovation that Thor
wouldn’t have been able to begin had the building been landmarked.
Japanese retailer Takashimaya first announced
that commercial real estate services firm Jones Lang LaSalle would
represent the sale of the property in April. While there is no word yet
which tenants Thor may be courting for the space, industry experts say
that the company will likely attract tenants willing to pay upwards of
$2,500 per square foot. [WSJ]
An offer of just over $140 million has reportedly landed Joe Sitt’s Thor Equities the coveted Takashimaya Building at 693 Fifth Avenue, according to the Post. The 20-story building, which contains less than 100,000 square feet, had drawn a number of notable bidders since the Japanese retailer announced plans in March to close the store and put the building on the market. The losing finalists were Vornado Realty Trust, SL Green with Jeff Sutton, watch purveyor Swatch and a group including David Werner. Nat Rockett of Jones Lang LaSalle was marketing the property, which was previously said to be worth between $120 million and $130 million. [Post]
Fifth Avenue’s Takashimaya building, which hit the market last month, is reportedly drawing a slew of high-profile bidders, and several have already been selected to submit second-round offers by the end of the month. According to the Post, Vornado Realty Trust, a group led by David Werner, a team of Jeff Sutton and SL Green Realty and an unidentified luxury retailer are among those prepping their second bids for the 693 Fifth Avenue spot. … [more]
Japanese retailer Takashimaya has tapped Nat Rockett, a managing director at Jones Lang LaSalle, to sell the building that houses the department store, 693 Fifth Avenue between 54th and 55th streets. The store is set to close in June. The 100,000-square-foot, 20-floor building, in which Takashimaya occupies eight floors for its retail operation and offices, offers retail and office space. Formal marketing of the site hasn’t been launched.