The Real Deal New York

Thor and Premier are selling Lexus’ new 14th St. home to a German bank

Union Investment in contract to acquire the Meatpacking retail condo for $88M
By Mark Maurer | February 15, 2018 02:05PM

Adam Spies, Yaron Jacobi, Joe Sitt and Intersect by Lexus at 412 West 14th Street (Credit: Getty Images and Lexus)

Thor Equities and Premier Equities are selling the Meatpacking District retail condominium fully occupied by Lexus to a subsidiary of Germany’s second-largest bank for $88 million, sources said The Real Deal.

The real estate firms, respectively led by Joseph Sitt and Yaron Jacobi, signed a contract this week to sell the three-story, 18,000-square-foot space at 412 West 14th Street, sources said. The luxury carmaker’s concept store Intersect by Lexus has not yet opened.

The deal, which pencils out to roughly $4,900 a square foot, would mark the latest move by Thor to part ways with some of its most valuable retail holdings across Manhattan as the market slumps. Union Investment, the investment arm of DZ Bank, is expected to close on the purchase next month, sources said.

The condo is part of a larger five-story, 80,000-square-foot retail-and-office building with block-through frontage on West 13th and 14th streets.

Thor and Premier picked up the condo for $18 million in 2012. In 2014, they leased the entire space to Lexus for its concept store.

Lexus has 10 years left on its lease, sources said. Danny Meyer is planning to a restaurant inside the store early this year.

A Cushman & Wakefield team led by Adam Spies, Kevin Donner and Marcella Fasulo is representing the sellers, and RKF’s Brian Segall is representing the buyer. The brokers declined to comment, while Thor, Premier and Union Investment did not immediately respond.

Cushman, along with Hodges Ward Elliott, is also marketing the leasehold on TH Real Estate’s nearby 430 West 15th Street, an eight-story former parking garage entirely occupied by Ticketmaster’s parent company Live Nation, Real Estate Alert reported Wednesday. Sources said that property, which was recently expanded and renovated, is expected to sell for around $160 million.

Union Investment is ramping up its investment in U.S. real estate, including its $206 million purchase of the Courtyard Marriott near the World Trade Center.

Thor, which has been shopping many of its Fifth Avenue properties, had luck finding buyers for its stake in 875 Washington Street and the 12-story rental building at 838 West End Avenue The firm also picked up the James New York hotel in Soho for $66.3 million.