Thor closes on Scoop building for $96.44M

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

TRD 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

93 North 9th Street in Williamsburg, Thor Equities' Joe Sitt, and a KAWS statue (Credit: Google Maps and Jim Bowen via Flickr)

Acclaimed artist KAWS pays $17M to expand Williamsburg studio

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