Thor in contract to sell 693 Fifth Avenue for $525M

Sitt acquired 105K sf property, which houses Valentino store, for $142M in 2010

TRD New York /
May.May 02, 2016 10:45 AM

Joe Sitt’s Thor Equities is in contract to sell an office-and-retail building at 693 Fifth Avenue for $525 million.

The deal would be a sizable return on the $142 million that the retail landlord paid six years ago for the 105,422-square-foot property, located between East 54th and East 55th streets in Midtown.

While the buyer was not disclosed, sources told the Commercial Observer that it is a non-commercial developer.

Valentino is the largest tenant at the building, having taken 19,600 square feet in 2013 at a price of $3,000 per square foot. London-based art gallery Carpenters Workshop Gallery also took 5,300 square feet at 693 Fifth Avenue last summer, while hair salon Louis Licari has more than 9,000 square feet of retail and office space at the property.

Thor is also looking to sell 590 and 597 Fifth Avenue as well as the retail portion of 530 Fifth Avenue, which it co-owns with General Growth Properties.

The building is located a block north of Thor and partner GGP’s 685 Fifth Avenue. Turkish jewelry company the Gulaylar Group is in contract to acquire that building’s 90,000-square-foot office portion, as The Real Deal reported last week, after a previous deal with developer Michael Shvo fell through. [CO]Rey Mashayekhi


Related Articles

arrow_forward_ios
The Crown Building (iStock)

Chopard moving flagship to Fifth Avenue

Chopard moving flagship to Fifth Avenue
47 Highland Park Village in Dallas, Texas and Valentino CEO Jacopo Venturini (Adam Stewart, Nick Hunt/Patrick McMullan via Getty Images)

Valentino expands in Dallas as it dumps NYC flagship

Valentino expands in Dallas as it dumps NYC flagship
Valentino store on Fifth Avenue and Valentino CEO Jacopo Venturini (Valentino, Nick Hunt/Patrick McMullan via Getty Images) 

Valentino sues to quit Fifth Ave — maybe forever

Valentino sues to quit Fifth Ave — maybe forever
Thor Equities’ Joe Sitt and a rendering of 933 Broadway (Credit: Thor)

Thor Equities sues Mactaggart over latest broken deal

Thor Equities sues Mactaggart over latest broken deal
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Michael Shvo, Thor Equities’ Joe Sitt, Wharton Properties’ Jeff Sutton and 530 Broadway

Michael Shvo closes on Soho retail building for $382M

Michael Shvo closes on Soho retail building for $382M
Wharton Properties' Jeff Sutton, Thor Equities' Joe Sitt, 530 Broadway and Michael Shvo

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M
Thor Equities' Joe Sitt and 180 Livingston Street (Credit: Google Maps, iStock)

Brooklyn megachurch sues Thor for “putrid” leaks from Dallas BBQ

Brooklyn megachurch sues Thor for “putrid” leaks from Dallas BBQ
arrow_forward_ios

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

Loading...