Thor buys DoBro office building for $136M

MTA, Brooklyn Tabernacle Church occupy 257K sf property on Livingston Street

TRD New York /
Oct.October 15, 2015 02:55 PM

Joseph Sitt’s Thor Equities bought a six-story Downtown Brooklyn office building leased to the Metropolitan Transportation Authority and the Brooklyn Tabernacle Church for $136 million.

Behind the story:

Thor Equities
Joe Sitt

Thor acquired the 257,000-square-foot property at 180 Livingston Street, between Smith and Hoyt streets, from two different owners, sources told The Real Deal. The development firm paid $85 million to the Treeline Companies for the top four floors – and $51 million to the church for the bottom two floors.

The buyer has “no immediate plans” for the property, a Thor spokesperson said.

Treeline, a Long Island-based investment firm led by Frances Schor, put the four floors on the market for $100 million late last year. The MTA is slated to fully occupy that portion of the building through 2023.

In the early 2000s, Treeline bought a storage facility for the Macy’s across the street. The firm then converted it to office space. In 2004, Brooklyn Tabernacle Church bought the lower floors – spanning 120,000 square feet, including the basement — from Treeline.

Treeline aims to use the proceeds from the sale to redeploy capital elsewhere in Downtown Brooklyn and in Brooklyn Heights, Michael Schor said.

The transactions closed simultaneously, on Wednesday, sources said.

Steve Palmese of Cushman & Wakefield represented Treeline in the deal for the upper floors.

Earlier this month, Thor closed on the purchase of a Morningside Heights rental building for $30 million.

Related Articles

Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, EDI International, and Azimuth)

The top 10 biggest real estate projects coming to NYC

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

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

The development site at 98 Dekalb Avenue and Rockrose Development's Justin and Henry Elghanayan (Credit: Google Maps)

Rockrose is moving into Brooklyn

Thor is breaking into the life sciences industry