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New York

Thor leads partnership in $595 million Fifth Ave deal

Midtown tower has large retail footprint and 400,000-square feet of office space

From left: Joe Sitt, 530 Fifth Avenue and Scott Rechler
From left: Joe Sitt, 530 Fifth Avenue and Scott Rechler

UPDATED, 5:45 a.m., June 20: Thor Equities Just Added Some Prime Fifth Avenue retail and office space to its portfolio.

The developer, leading a partnership that includes General Growth Properties (GGP) and RXR Realty, has purchased 530 Fifth Avenue for $595 million, the New York Post reports. The 500,000-square-foot tower, located between 44th and 45th streets is just south of Manhattan’s most expensive retail real estate.

The sellers include Crown Acquisitions, Murray Hill Properties, Rockwood Capital and Jamestown. The partnership purchased the property in 2011 for $390 million.

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The majority of stores that occupy the building’s 100,000 square feet of retail space are on short-term leases, according to the Post. Sources tell the Post that space could market for $1,500 per square foot once vacated.

The Eastdil Secured investment sales team of Doug Harmon and Adam Spies represented the sellers.

Roughly 60 percent of the tower’s 400,000 square feet of office space is occupied. The asking price is about $80 per foot. [NYP] — Tom DiChristopher

Tags
Chetrit GroupCrown AcquisitionsFifth AvenueGeneral Growth PropertiesMoinian GroupMurray HillRXRThor Equities