Thor Equities closes on Scribner Building

New York /
Jul.July 21, 2011 03:21 PM

[Updated at 3.40 p.m.] Joe Sitt’s Thor Equities has closed on the purchase of the Scribner Building at 597 Fifth Avenue from A & A Acquisitions for $99 million, according to a deed recorded with the city today. The 12-story building, between 48th and 49th streets, includes 12,000 square feet of retail and 58,000 square feet of office space.

As previously reported by the Post, Thor went into contract to buy the building in June in a deal that encompassed 50,000 square feet of air rights and the adjacent building at 3 East 48th Street.

The contract price was previously reported as $108.5 million. The slight change in price, a source close to the deal said, was simply due to fees.

Sitt, the CEO of Thor, declined to comment on the transaction, but was previously quoted as saying the building was a “jewel in Thor’s portfolio.”

The current anchor tenant of the property is cosmetics retailer Sephora, which signed a 10-year lease in 2004. At that time, it was reported that the asking price for the lease was $2 million a year.

The building last traded for $79.1 million in 2006, when A & A Acquisitions bought it for $1,015 a square foot. A & A declined to comment regarding the sale.


Related Articles

arrow_forward_ios
Elad Group's Isaac Tshuva and1299 Third Avenue (Getty, Google Maps)
Elad picks up shovel-ready UES development site
Elad picks up shovel-ready UES development site
Thor Equities' Joe Sitt and the retail condo at the base of 700 8th Avenue (Thor Equities, Google Maps)
Joe Sitt loses West Side retail space to foreclosure
Joe Sitt loses West Side retail space to foreclosure
Thor Equities chairman Joseph Sitt, and the property on the corner of Getty and Madison Avenues in Paterson, NJ (Google Maps, Thor Equities)
Thor planning warehouse in Paterson
Thor planning warehouse in Paterson
Thor Equities's chairman Joseph Sitt (Thor Equities, Loopnet)
Thor Equities nabs 131K sf Newark warehouse
Thor Equities nabs 131K sf Newark warehouse
Clockwise: 138 Bruckner Boulevard in the Bronx, 305 East 61st Street, 161 Lexington Avenue and 539 West 54th Street (Google Maps)
Dozen deals spell big week for Manhattan investment sales
Dozen deals spell big week for Manhattan investment sales
79 Clifton Place, 80-01 37th Avenue, 45 East Mosholu Parkway North (LoopNet, Google Maps)
Residential dealmakers storm city’s investment sales market
Residential dealmakers storm city’s investment sales market
Thor facing pre-foreclosure suit at 470 Broadway, sale of 115 Mercer
Thor facing pre-foreclosure suit at 470 Broadway, sale of 115 Mercer
Thor facing pre-foreclosure suit at 470 Broadway, sale of 115 Mercer
Thor Equities' Joe Sitt and 24 West 40th Street (Rudder Property Group)
Thor Equities sells Bryant Park office condo to Chinese firm for $11M
Thor Equities sells Bryant Park office condo to Chinese firm for $11M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...