Thor grabs more retail along once seedy Eighth Avenue stretch

TRD New York /
Oct.October 14, 2013 04:15 PM

Thor Equities has made another grab along Eighth Avenue, paying more than $12 million for a retail condominium between 45th and 46th streets.

The two-story, 7,000-square-foot retail property at 725 Eighth Avenue includes a basement, ground floor, second level and two mezzanines.

The seller, 725 Eighth Avenue Realty, owned the building for more than a decade before putting it on the market for $13 million.

The building’s current tenant DVD Depot, which has sold adult films from the spot for more than ten years, signifies the area’s changing face. Seedy video show and fast food outlets around the neighborhood are increasingly giving way to trendy, upscale tenants.

“Eighth Avenue is a very funny street,” Aaron Gavios, chief executive of Square Foot Realty, which represented 725 Eighth Avenue Realty in the building’s sale, told Crain’s. “Porn stores are on their way out and almost gone. Spaces are getting to be priced higher and higher.”

Previously, Joe Sitt’s Thor spent $65 million on the retail space at The Milford Plaza Hotel at 700 Eighth Avenue.

A spokesperson for Thor declined to comment to Crain’s. [Crain’s]Julie Strickland

Related Articles

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

Introducing ThorLogis, Thor Equities’ ambitious plan to break into logistics and e-commerce

Thor is breaking into the life sciences industry

James Hotel at 27 Grand Street and Thor Equities' Joseph Sitt (Credit: Google Maps)

Thor plans overhaul of James Hotel

Thor Equities chairman Joe Sitt and 1006 Madison Avenue

Thor in danger of losing Madison Ave property

545 Madison Avenue and Thor Equities' Joe Sitt

Thor Equities in hot water at 545 Madison