Thor battles condo board over signage

Fifth Avenue Tower held sign “hostage,” developer says

New York /
Jan.January 10, 2013 05:30 PM

Thor Equities won a temporary restraining order against Fifth Avenue Tower. The order, issued late Wednesday, blocks the condominium board at the 33-story apartment building from taking down Thor’s signs from the retail space that it owns at the property.

In the Jan. 8 lawsuit filed in New York State Supreme Court, Thor — the Manhattan-based development firm led by investor Joseph Sitt — says it acquired the 17,000-square-foot retail space at 445 Fifth Avenue, at 39th Street, for $32.5 million in December 2011; the signs were installed the following May. Thor said it owns 23 other buildings in Manhattan, and that its trademarked name and horse-head logo are prominently displayed on all of the buildings, except two that are landmarked and require regulatory approval, which it is attempting to obtain.

The board sent a May 24 letter complaining about the signs, claiming the exterior façade was a “general common element” and any signage required board approval. However, Thor insisted that it owned the space and did not need board approval. Thor claims the board “stole” the signs in September 2012 and held them “hostage,” before the firm was able to retrieve them.

The signs were reinstalled on Tuesday and the parties will face off on Jan. 30, according to court records. A spokesman for Thor did not have any immediate comment. Sitt was not available for comment. Herb Cohen, attorney for the condo, declined comment.


Related Articles

arrow_forward_ios
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
Thor Equities’ big bet on Fulton Market is paying off
Thor Equities’ big bet on Fulton Market is paying off
Thor Equities’ big bet on Fulton Market is paying off
arrow_forward_ios

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

Loading...