Thor to sell stake in 875 Washington to partner ASB

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

TRD 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
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

Operator of Martinique Hotel in Manhattan files for bankruptcy
CEO Mark Tritton and 410 East 61st Street (Getty, Google Maps)

Bed Bath & Beyond will permanently close UES store

Bed Bath & Beyond will permanently close UES store
A rendering of 556 West 22nd Street (Photo by BASIS Independent Schools)

Private school to expand in former Chelsea Art Museum building

Private school to expand in former Chelsea Art Museum building
With about $23 billion of hotel-related CMBS loans in forbearance, more lenders are looking to offload those mortgages. (iStock)

Hotel industry is in trouble and more lenders want out

Hotel industry is in trouble and more lenders want out
Industry City CEO Andrew Kimball with Amazon CEO Jeff Bezos (Photos via Getty; iStock; Industry City)

Real estate hits bottom as Industry City abandons plan

Real estate hits bottom as Industry City abandons plan
Burlington CEO Michael Sullivan and 2163 Tilden Avenue (Burlington via Facebook; Google Maps)

Burlington Coat Factory inks big lease in Brooklyn

Burlington Coat Factory inks big lease in Brooklyn
Carmel Partners CEO Ron Zeff (JLL)

Carmel Partners sells Norwalk apartment complex valued at $157M

Carmel Partners sells Norwalk apartment complex valued at $157M
From left: 180 West 81st Street in Upper West Side, 15-30 130th Street in College Point; 5002 13th Avenue in Borough Park (Google Maps)

Manhattan sees first September i-sale with UWS mixed-use building

Manhattan sees first September i-sale with UWS mixed-use building
arrow_forward_ios

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

Loading...