Thor buys longtime Grace’s Marketplace site for $52.5M

New York /
Nov.November 27, 2013 12:25 PM

Joe Sitt’s commercial real estate firm Thor Equities paid $52.5 million for a four-story, 33,300-square-foot building that has housed family-run food merchant Grace’s Marketplace for 30 years, according to property records filed with the city today.

Upper East Side landlord Allen Realty Company sold the mixed-use property at 1231-1237 Third Avenue at 71st Street. It features 30 residential units and a total 17,600 square feet of retail – 9,300 square feet on the ground floor and 8,300 square feet on the lower level. Melissa Gliatta, an executive at Thor, represented her firm in the deal.

“For decades, the Upper East Side has been synonymous with luxury and upscale lifestyle,” Sitt, CEO of Thor Equities, said in a statement. “Thor is thrilled to take a significant step into this market and look forward to meeting and working with our new neighbors along Third Avenue.”

Grace’s Marketplace, which occupies roughly 7,000 square feet of space, announced earlier this month it is moving to 215 East 68th Street. It signed a 15-year lease for 13,125 square feet on the ground floor of the 608-unit rental building, which is owned by Rudin Management, as previously reported.

In another Upper East Side deal, Thor Equities agreed to buy 33,389 square feet of retail space at 680 Madison Avenue from Extell Development for $277 million in June.

The firm unveiled plans last month to launch a new residential division that will focus on acquisitions and development of residential properties, specifically Manhattan rental buildings.

Allen Realty Company could not be immediately reached for comment.


Related Articles

arrow_forward_ios
Joan Rivers and 1 East 62nd Street (Getty, Sotheby's)
Joan Rivers’ longtime UES penthouse hits the market for $38M
Joan Rivers’ longtime UES penthouse hits the market for $38M
From left: 944 Fifth Avenue, 67-69 East 93rd Street and 15 East 88th Street (Google Maps)
Three Manhattan sellers aim high asking $25M+ for luxury pads
Three Manhattan sellers aim high asking $25M+ for luxury pads
Businessman Ron Perelman (Getty, Serena Boardman)
Ron Perelman publicly lists Upper East Side townhouse with price cut
Ron Perelman publicly lists Upper East Side townhouse with price cut
Renderings of 310 East 67th Street and Longfellow Real Estate Partners CEO Adam Sichol (Friends UES, Rendering by DBOX, Longfellow)
Blood Center’s plans for big Upper East Side HQ draw criticism
Blood Center’s plans for big Upper East Side HQ draw criticism
Ron Perelman and 35-39 East 62nd Street (Getty, Google Maps)
Big discounts on sale of Perelman properties and loans
Big discounts on sale of Perelman properties and loans
1135 Lexington Avenue and Nir Meir (Google Maps, iStock)
Judge rules against Nir Meir in HFZ’s $19M default case
Judge rules against Nir Meir in HFZ’s $19M default case
Philip Falcone and his homes at 142 Crestview Lane in Sagaponack and 22 East 67th Street (Getty, Corcoran, Google Maps)
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
Phil Falcone files appeal halting foreclosure of UES, Hamptons homes
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...