Sitt looks to unload Meatpacking retail for $45M

New York /
May.May 10, 2012 03:00 PM

Joseph Sitt’s Thor Equities is seeking $45 million for a Meatpacking District property it bought five years ago for about half that amount, Crain’s reported. Thor commissioned Jones Lang LaSalle to find a buyer for the three-story, 15,525-square-foot building, at 446 West 14th Street,Between Washington Street and 10th Avenue, it bought for $23.4 million in 2007.

The increased valuation of the property corresponds with the neighborhood’s meteoric price growth in the last five years. In 2003, rents hovered around $70 per foot for retail space. But with the influx of high-end and well-known retail stores to what has become a tourist destination, that number has skyrocketed to $500 per square foot for prime spaces. Still, sources told Crain’s the price was “no bargain.”

Sitt is not exiting the Meatpacking District entirely, as he still has the 75 percent he bought in December in the Morris Adjmi-designed mixed-use project at 837 Washington Street. Rather, the Thor CEO said he was selling the property to unlock equity needed for other partnership ventures. [Crain’s]


Related Articles

arrow_forward_ios
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
Powerful New York real estate firms and families, including Douglas Durst and Bill Rudin, have donated money to Eric Adams (Getty / Photo Illustration by The Real Deal)
Eric Adams’ cup runneth over with real estate cash
Eric Adams’ cup runneth over with real estate cash
Thor Equities’ Joe Sitt and 933 Broadway (Thor)
Thor Equities can keep $1.2M deposit on failed 933 Broadway sale: judge
Thor Equities can keep $1.2M deposit on failed 933 Broadway sale: judge
470 Broadway and Thor Equities' Joe Sitt (Thor Equities)
Valuation of Thor Equities’ 470 Broadway slashed
Valuation of Thor Equities’ 470 Broadway slashed
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
arrow_forward_ios

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

Loading...