Sitt to build Fifth Avenue mixed-use complex

Developer agrees to buy three-building portfolio from RFR Holding

TRD New York /
Dec.December 05, 2011 08:54 AM

Joseph Sitt’s Thor Equities has agreed to acquire three connected buildings at 516-520 Fifth Avenue and 43rd Street from developer RFR Holding, the Wall Street Journal reported, and is planning to demolish the existing properties and build a new $250 million, 350,000-square-foot mixed-use complex at the site.

The acquisition isn’t Sitt’s Sole Investment On Fifth Avenue of late. The Thor CEO has also agreed to purchase a building at 445 Fifth Avenue Near 39th Street, the Journal said, bringing his holdings on the avenue to eight buildings, all but one of which are south of 49th Street. The exception is the trophy Takashimaya building between 54th and 55th streets, which Sitt acquired last year for $142 million.

“We’re seeing a dramatic shift on Fifth Avenue down to 42nd street,” Sitt said. “And we expect it will expand further, stretching like a rubber band down Fifth to the mid 30s.”

The firm is already talking with hotel companies and residential developers who might team up with Thor on the mixed-use development, he added. [WSJ]


Related Articles

arrow_forward_ios
Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

Alderman Brendan Reilly (Credit: iStock)

The Chicago condo deconversion craze is dying

Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, Azimuth)

The top 10 biggest real estate projects coming to NYC

Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Thor sells Bensonhurst big-box store for $75M

545 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)

Thor Equities on the verge of losing another building in Manhattan

AOC unveils rent regulation plan, Hong Kong real estate stocks are sinking: Daily digest

AOC unveils rent regulation plan, Hong Kong real estate stocks are sinking: Daily digest

Thor Equities CEO Joe Sitt (Credit: iStock)

Introducing ThorLogis, Thor Equities’ ambitious plan to break into logistics and e-commerce

arrow_forward_ios