The Real Deal New York

Thor stays on as partner in $93M Soho deal

ASB takes majority ownership of Dolce & Gabbana home at 155 Mercer
By Rich Bockmann | November 15, 2016 12:45PM

155 Mercer Street (inset from top: Joe Sitt and ASB's Brodie Ruland)

155 Mercer Street (inset from top: Joe Sitt and ASB’s Brodie Ruland)

ASB Real Estate Investments closed on the $93 million purchase of a majority stake in its Soho retail property that is triple-net leased to Dolce & Gabbana. Thor Equities is staying on as a partner.

The deal for the stake in 155 Mercer Street closed earlier this month, property records filed with the city Tuesday show. The partners secured a $41 million acquisition loan from Wilmington Trust on the property.

ASB acquired the stake through its $6.2 billion Allegiance Fund.

Thor had acquired the three-story, 14,600-square-foot building for $27.3 million in 2013.

With tenants on the stretch of Mercer Street including the likes of Marc Jacobs, Tory Burch and Prada, ASB vice president Brodie Ruland said 155 Mercer is “one of the most prominent retail locations in Soho.”

Meridian Capital Group’s Helen Hwang represented Thor in the deal. The property is being renovated with a restored façade and new storefront.