Joe Sitt pays $65M for Milford Plaza retail

TRD New York /
Jul.July 22, 2013 08:30 AM

Joseph Sitt’s Thor Equities is buying the retail portion of the Milford Plaza Hotel for $65 million, the New York Post reported.

Sitt will pay $2,730 per square foot for the 27,456-square-foot retail space in the 27-story Times Square hotel, once the city’s largest. The deal, which includes a partial lease-back By The Hotel For A Food Court and gym, will see Sitt will acquire the long-term leasehold on the property until 2112.

The Rockpoint Group and Highgate Hotels paid $200 million in 2010 for the Milford property at 700 Eighth Avenue between West 44th and West 45th streets and hired top Eastdil Secured brokers Adam Spies and Doug Harmon to split up pieces of the property and market it out to investors.

The space includes 11,675 square feet on the ground floor, 11,862 square feet below-grade and 3,919 square feet on the second-floor lobby level. It also gives the owner the right to “blade” signage – signs that protrude from the façade of the hotel. [NYP]Hiten Samtani

Related Articles

Rendering of the Staybridge Suites at 38-59 11th Street

Long Island City hotel project moves forward with construction loan

Heritage Equity Partners’ Toby Moskovits, Benefit Street Partners real estate managing director Micah Goodman, and the Williamsburg Hotel at 96 Wythe Avenue (Credit: Google Maps)

Toby Moskovits’ Williamsburg Hotel is headed for receivership following $68M loan default

461 West 34th Street with Marx Development Group's David Marx (Credit: Google Maps)

David Marx lands $202M refi for Hudson Yards hotel

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