The Real Deal New York

Thor to sell stake in 875 Washington to partner ASB

Deal would value the Meatpacking District office-and-retail building at $130M
By Katherine Clarke | May 26, 2017 12:10PM

875 Washington Street and Joe Sitt (Credit: Thor Equities)

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)