The Real Deal New York

Thor looks to sell FiDi retail condo

Space at 88 Greenwich Street spans 50K sf
August 14, 2017 02:35PM

88 Greenwich Street and Joe Sitt

Another one of Joe Sitt’s commercial properties is on the block.

Thor Equities has put the two-story, 50,000-square-foot retail condominium that’s home to the 9/11 Tribute Center up for sale for $52 million.

The condo is in the Greenwich Club Residences at 88 Greenwich Street, the Commercial Observer reported. The 9/11 Tribute Center currently rents 37,000 square feet, and Sauce & Barrel, Coffeed, Yogorino, Petropolis and Dunkin’ Donuts leases the rest of the space, according to the CO.

Sitt joined with Andrew Heiberger’s Buttonwood Development to buy 88 Greenwich for around $200 million in 2005. They converted the building into 452 condos. In 2014, Sitt bought out Heiberger’s ownership in the commercial condo, paying $12.5 million for the 50 percent stake.

Colliers International’s Richard Baxter, Yoron Cohen and Scott Latham are marketing the retail condo.

Thor has reportedly been shopping 597, 590 and 530 Fifth Avenue, and has been squeezed by the cooling retail market.

In May, the firm entered into a contract to sell its stake in the retail and office building at 875 Washington Street to the building’s co-owner ASB Real Estate Investments’ Allegiance Real Estate Fund.

In April, Thor listed a commercial Upper East Side townhouse at 36 East 61st Street for $37 million. It sold the property in July for $32 million. [CO]Miriam Hall