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
Thor Equities Group Chairman Joseph J. Sitt. (Thor)
Thor facing foreclosure on Harlem rental building
Thor facing foreclosure on Harlem rental building
Jeff Bezos of Amazon, Joe Sitt of Thor Equities and an aerial of the Red Hook site. (Getty, Thor, Google Maps)
Thor Equities nabs financing for Amazon warehouse in Red Hook
Thor Equities nabs financing for Amazon warehouse in Red Hook
Joe Sitt and Charles Scribner’s Sons Building in Midtown (Thor, Google Maps)
Thor’s $150M loan on 597 Fifth heads to special servicing
Thor’s $150M loan on 597 Fifth heads to special servicing
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)
Thor delinquent on $105M loan at 597 Fifth
Thor delinquent on $105M loan at 597 Fifth
Amazon's Jeff Bezos, Thor Equities' Joseph Sitt, and 280 Richards Street (Photos via Getty; Thor Equities)
Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse
Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse
Stefano Ricci, Joe Sitt and 118-120 Northeast 39th Street (Getty, Thor, Google Maps)
Thor Equities sues to evict Stefano Ricci from Miami Design District
Thor Equities sues to evict Stefano Ricci from Miami Design District
SL Green CEO Marc Holliday, 590 Fifth Avenue and Thor Equities CEO Joseph Sitt (Holliday via Grant Lamos IV/Getty Images; Google Maps)
SL Green moves to foreclose on Thor’s 590 Fifth Ave
SL Green moves to foreclose on Thor’s 590 Fifth Ave
Thor Equities’ Joe Sitt and a rendering of 933 Broadway (Credit: Thor)
Thor Equities sues Mactaggart over latest broken deal
Thor Equities sues Mactaggart over latest broken deal
arrow_forward_ios

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

Loading...