Joseph Sitt’s Thor Equities has agreed to pay $55 million for a 75-percent stake in a new Morris Adjmi-designed mixed-use project at 837 Washington Street, the New York Post reported.

Thor will oversee leasing of the 21,000 square feet of retail at the six-story building, which is being developed by Taconic Partners and Square Mile Capital, while Taconic will handle leasing of the 34,000-square-foot office space.

Taconic may fetch three-figure rents for the office space, on source told the Post.

“The market has tightened and this (sub) market is unique,” said the executive, who declined to be identified. [more]

From left: 429 East 75th Street before its redevelopment and a rendering of it today. Center, Charles Bendit, co-CEO of Taconic.

An unnamed affiliate of the Hospital for Special Surgery has made an all-cash purchase for a medical office building at 429 East 75th Street between York and First avenues. The sellers, Taconic Partners and ABR Partners purchased the property, then a parking garage, in 2006 and transformed it into a 30,000-square-foot medical facility. Charles Bendit, the co-CEO of Taconic, said that the property’s proximity to other medical institutions, such as Lenox Hill Hospital at 100 East 77th Street between Lexington and Park avenues, and Cornell University Hospital at 525 East 68th Street near York Avenue, influenced his decision to develop the medical use building there. The sellers were represented by Paul Wexler of Corcoran Wexler. TRD [more]