Thor to sell stake in 875 Washington to partner ASB

Deal would value the Meatpacking District office-and-retail building at $130M

New York /
May.May 26, 2017 12:10 PM

Thor Equities is in contract to sell its stake in 875 Washington Street to the building’s co-owner, ASB Real Estate Investments’ TRData LogoTINY Allegiance Real Estate Fund, sources told The Real Deal.

The transaction would value the Meatpacking District property at about $130 million, or $2,166 per square foot, a nearly 35 percent premium over the $96.5 million the partnership paid for the property in 2013. Thor’s specific stake in the property was not clear.

The partnership bought the property from one of its own tenants, Scoop NYC. Scoop’s parent company is the Los Angeles-based Yucaipa Companies, headed by investment mogul Ron Burkle.

A spokesperson for Thor declined to comment and an ASB spokesperson was not immediately reachable.

The five-story, 60,000-square-foot building, between West 13th and 14th streets, has an office and retail component. Retail tenants include perfume store Bond No. 9 and jeans shop Paige Premium Denim.

Thor and ASB were rumored to be selling the whole building to San Francisco-based investment firm Shorenstein earlier this year but the deal reportedly fell through.

Last week, GreenOak Real Estate bought Thor out of three rental buildings on the Upper West Side in a deal valuing them at $190 million combined.

Mark Maurer contributed reporting.

(To view more of Thor Equities’ commercial sales transactions, click here)


Related Articles

arrow_forward_ios
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Lexington Hotel at 511 Lexington Avenue (Google Maps)
NYC hotels getting busier, but still struggling
NYC hotels getting busier, but still struggling
Illustration of Sam Zell of Equity Commonwealth (right) and Barry Sternlicht of Starwood (Illustration by Kevin Rebong for The Real Deal)
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Instacart CEO Apoorva Mehta (Getty)
Instacart to build fulfillment centers near supermarkets
Instacart to build fulfillment centers near supermarkets
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
A rendering of 19 Hausman Street (M Development)
Nightmare darkens for largest Brooklyn condo project of 2019
Nightmare darkens for largest Brooklyn condo project of 2019
Andrew Farkas of Island Capital and 511 Lexington Avenue (Island Capital, Google Maps)
Farkas buys Lexington Ave hotel for $185M
Farkas buys Lexington Ave hotel for $185M
M&T Bank reports late-stage delinquent loans more than doubled in past year
M&T Bank reports late-stage delinquent loans more than doubled in past year
M&T Bank reports late-stage delinquent loans more than doubled in past year
arrow_forward_ios

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

Loading...