Thor leads partnership in $595 million Fifth Ave deal

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

New York /
Jun.June 19, 2014 05:10 PM

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.

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


Related Articles

arrow_forward_ios
RXR's Scott Rechler
Rechler responds: RXR boss on health of his office portfolio
Rechler responds: RXR boss on health of his office portfolio
Fromk left: Mauricio Umansky, Christian Ulbrich, and Scott Rechler
They said what now? Real estate quotes of the week
They said what now? Real estate quotes of the week
RXR's Scott Rechler (Getty)
RXR in talks to surrender two office buildings to lenders
RXR in talks to surrender two office buildings to lenders
Jeff Sutton with 724 Fifth Avenue
Jeff Sutton’s Wharton refis Prada property on Fifth Ave with $260M loan
Jeff Sutton’s Wharton refis Prada property on Fifth Ave with $260M loan
From left: Thor Equities' Joseph Sitt, Lightstone's David Lichtenstein and Mitchell Hochberg with Skybridge Towers (Skybridge Towers, Getty)
About case: Joe Sitt drops suit against Lightstone execs
About case: Joe Sitt drops suit against Lightstone execs
From left: Crown Proptech Acquisitions' Richard Chera, CIIG Partners' Gavin Cuneo and Michael Minnick (Getty, CIIG Partners)
Chera family SPAC is back on the hunt
Chera family SPAC is back on the hunt
From left: Maverick Real Estate’s David Aviram and Chetrit Group's Meyer Chetrit along with 255 West 34th Street (Getty, Google Maps, LinkedIn/David Aviram, Chetrit Group)
Maverick sues Chetrit over unfinished Penn Station hotel
Maverick sues Chetrit over unfinished Penn Station hotel
Joseph Chetrit (Illustration by The Real Deal with Getty)
Struggling with $481M loan, Joe Chetrit looks to sell national portfolio
Struggling with $481M loan, Joe Chetrit looks to sell national portfolio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...