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693 Fifth Avenue

693 Fifth Avenue
New York, NY 10022
(212) 529-7417|(212) 432-3030
Website
Office, Retail, Conversion
693 Fifth Avenue
693 Fifth Avenue is a building owned by Thor Equities, a privately held real estate firm founded in 1986 by Joseph Sitt, as of Feb. 20, 2015. The original structure was built in 1993 and has 44,500 square feet of space on the first six floors. The building was formerly the home of Japanese retailer Takashimaya. In June 2010, the company closed its New York flagship at 693 Fifth Ave. It had been at the building, which it owned, since 1993. Thor acquired 693 Fifth Avenue between 54th and 55th streets, for $142 million in 2010, after Takashimaya went bankrupt. The developer spent millions of dollars upgrading the property and took on a temporary tenant in clothing retailer Forever 21. It was announced in May 2012 that Thor planned to spend another $5 million to spruce up the sixth floor space. Thor was still searching for a retail tenant as of March 2014, according to New York YIMBY. Thor owns several properties on Fifth Avenue, including 139, 245, 590 and 597 Fifth Avenue. -JC
  • Year Built 1991
  • residential units 0
  • square feet 101,319
  • block and lot 1-01290-0003
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Lyle-Chariff-small-photo
03/26/15
From the South Florida site: New York-based Thor Equities has bought two more properties in Miami’s Design District, as it expands its sizable retail portfolio in...
From left: Valentino and Joe Sitt
08/04/14
Fifth Avenue’s latest high-end tenant has moved in. Tags: 693 fifth avenue, joe sitt, thor equities, valentino ...
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06/20/14
Thor Equities is partnering with the mall real estate investment trust General Growth Properties to buy the office and retail building 685 Fifth Avenue from...
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03/14/14
Rendering of 693 Fifth Avenue (Credit: Neocape) Thor Equities' renovation of the former Takashimaya department store in Midtown and the 3.5-mile QueensWay Cultural Greenway are among the...
fifth-ave-FB
03/04/14
A flurry of activity along Fifth Avenue’s prime retail stretch has a wave of newcomers moving into prime locales, while longtime mainstays revamp flagship stores...
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12/12/13
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...
562 Fifth Avenue and Joseph Sitt (inset)
10/02/13
Thor Equities’ Joseph Sitt is in contract to buy two Fifth Avenue buildings near the Diamond District for about $105 million. The deal will add...
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09/09/13
Over the past seven years, Malkin Holdings has steered the once warren-like Empire State Building from a derided Class B relic to a reinvigorated office...
666_Fifth_Ave.jpg
08/27/13
UPDATED, Aug. 28, 7:15 a.m.: The popularly-priced watch store Swatch Group put its location at 666 Fifth Avenue on the market with an asking price...
Chase Welles (l.) of SCG Retail, and Chris Pine of General Growth Properties
05/21/13
Watch this space for live updates from the 2013 International Council of Shopping Centers’ RECon event in Las Vegas, on now through Wednesday. Tags: icsc...
Joseph Sitt
05/09/13
Skeptics within Manhattan’s retail industry wondered if Thor Equities would achieve its aggressive asking rent at the Takashimaya Building, the 20-story commercial tower at 693...
693 Fifth Avenue
05/18/12
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...
Joseph Sitt copy
04/26/12
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...
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01/17/12
425 Park AvenueDavid Levinson considers demolishing and replacing three-quarters of 425 Park Avenue to comply with zoning laws and Mayor Bloomberg's recent push for new...
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01/10/12
From the January issue: Joseph Sitt made his fortune thinking big — and not just in real estate. Back in the early 1990s, Sitt had trouble...
joe_sitt.jpg
04/12/11
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...
09/29/10
1. City Council Speaker Quinn says yearly NYC vacancy survey would be too costly, despite potential anti-homelessness benefits 2. Bronx judge demands Florida firm shell...
07/12/10
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....
06/02/10
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...
takashimaya.jpg
05/14/10
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...
04/20/10
1. SEC commissioners were split 3-2 in vote on Goldman suit 2. Building workers “far from a deal” as midnight strike deadline approaches ...
63748_takashimaya.jpg
04/12/10
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...
03/26/10
1. Currently at 1 Park Avenue, publishing giant American Media looks to move 2. Bay Ridge theater company to be homeless again after church...
  • Event Retail Leasing
  • Address 693 Fifth Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 5,300
notes
The London-based art gallery signed a 15-year lease.
  • Event Sales
  • Address 693 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 97,500
  • Price $ 140,000,000
  • Price per foot $ 1,450.00
notes
Joe Sitt of Thor Equities won the Takashimaya Building last month with an offer of $140 million, or around $1,450 per square foot.
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Click to enlargeAs everyone knows, the Lehman Brothers bankruptcy and the economic chaos that followed wreaked havoc on the Manhattan commercial market. On the sales...
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