Thor Equities marketing three Midtown properties

693 and 590 Fifth Avenue among the addresses on the block

TRD New York /
Mar.March 09, 2016 09:31 AM

Joseph Sitt’s Thor Equities is looking to sell a handful of Office And Retail Properties On Fifth Avenue.

The developer is marketing 693 and 590 Fifth Avenue, along with the retail portion of 530 Fifth Avenue, which it owns in a join venture with Scott Rechler’s RXR Realty and General Growth Properties, a mall-focused real estate investment trust, Bloomberg reported.

Sitt’s firm bought the 101,000-square-foot 693 Fifth Avenue, home to a Valentino location, in 2010, for $142 million. It picked up the 82,000-square-foot 590 Fifth Avenue, which houses the NBA store, for $90 million in 2007.

Thor and its partners bought the 500,000-square-foot office and retail tower at 530 Fifth Avenue for $595 million in 2014. Only the building’s 100,000-square-foot retail portion is currently on offer.

The sales come amid murmurs of a slowdown in the commercial real estate market. The Blackstone Group’s Jonathan Gray said last week that returns on investment in the sector were falling, hit by international volatility and tighter lending. [Bloomberg]Ariel Stulberg


Related Articles

arrow_forward_ios
Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

The Chicago condo deconversion craze is dying

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

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

arrow_forward_ios