Thor closes on Scoop building for $96.44M

Price is $30M more than what Burkle paid a year ago

New York /
Jan.January 15, 2013 11:00 AM

A year-end deal for billionaire grocery magnate and newbie real estate investor Ron Burkle’s Scoop building has closed for $96.44 million, according to public records filed with the city yesterday.

The deal represents a $30 million mark up over what the California-based tycoon paid for the five-story, 61,000-square-foot building at 428 West 14th Street one year previously. Sources told The Real Deal that Burkle, who has an ownership interest in tenant Scoop, made the deal more attractive to Thor by modifying the terms of the retailer’s lease. Scoop extended its lease in one portion of the building and shortened it in another, the source said.

The deal for the building, which is 100 percent occupied by retail and office tenants such as Scoop, Alexander McQueen and Hogs & Heifers, closed December 31. It last sold to Burkle’s Yucaipa Companies for $65 million in December 2011. The property was previously owned by Blackrock Realty Advisors.

Burkle, who entered the New York City property arena last year, had reportedly been trying to flip the property for some time. He had been seeking $100 million, sources previously told The Real Deal. Thor’s purchase of the property was first reported by the New York Post.

Doug Harmon and Adam Spies of Eastdil Secured represented Burkle in the deal. Spies declined to comment on the transaction.


Related Articles

arrow_forward_ios
Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
Ron Burkle’s $155M play on Wall Street: American Stock Exchange HQ
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
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
arrow_forward_ios

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

Loading...