French billionaire closes on purchase of Thor’s 693 Fifth

Marc Ladreit de Lacharrière pays $525M - nearly four times what Sitt paid in 2010

TRD New York /
Jun.June 10, 2016 05:10 PM

French billionaire Marc Ladreit de Lacharrière has closed on the $525 million purchase of Thor Equities’ office-and-retail building at 693 Fifth Avenue in Midtown.

The 20-story, 105,000-square-foot property between East 54th and 55th streets sold for nearly four times the price that Joseph Sitt’s Thor paid for it in 2010. Thor acquired it from Japanese department store Takashimaya for $142 million at the time.

Ladreit de Lacharrière is chair and CEO of Fimalac, a French holding company that owns minority stakes in Fitch Ratings and Warburg Pincus. The Paris-based firm specializes in credit ratings, private equity and commercial real estate. The New York City building purchase appears to be his first major play.

The buyer’s identity was first revealed by Real Estate Alert, while Commercial Observer first reported Thor was in contract to sell the property last month.

Savitt Partners’ Robert Conover and Michael Dubin represented Ladreit de Lacharrière, while CBRE’s Darcy Stacom and Marcella Fasulo represented the seller, sources told TRD. The brokers declined to comment.

It was not immediately clear what Ladreit de Lacharrière has planned for the property. It is anchored by Valentino, which has about 19,600 square feet. In November, art gallery Carpenters Workshop Gallery opened on the top two floors.

Thor has been quietly marketing a large portion of its commercial real estate holdings. Potential buyers have received set-ups on at least 10 Thor-owned properties over the past three months, TRD reported last week.

Related Articles

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