Thor sells Bensonhurst big-box store for $75M

Algin Management picked up 136K sf property

New York /
Oct.October 01, 2019 02:10 PM
Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Joe Sitt’s Thor Equities has sold a big-box retail property in Bensonhurst that is leased to BJ’s Wholesale Club for $75 million.

Midtown-based Algin Management purchased the property at 1752 Shore Parkway, property records filed with the city Tuesday show.

Representatives for Thor and Algin could not be immediately reached for comment. Thor put the property up for sale earlier this year with Newmark Knight Frank.

The 136,000-square-foot building is triple-net leased to BJ’s with 14 years remaining on the term.

It’s one of the more stable properties in Thor’s retail portfolio, which is increasingly coming under stress as online ordering eats into brick-and-mortar stores’ sales.

The company, for example, is facing eviction at 545 Madison Avenue, which it controls under a ground lease. Thor earlier last month was reportedly behind on more than $550,000 in rent and $1.6 million in real estate taxes after tenants left the property.

Thor also recently gave up ownership of 1231 Third Avenue on the Upper East Side and defaulted on loan payments at a Soho property.

Sitt in August announced Thor is launching a new business called ThorLogis that will spend $900 million purchasing and developing logistics properties.


Related Articles

arrow_forward_ios
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)

Thor delinquent on $105M loan at 597 Fifth

Thor delinquent on $105M loan at 597 Fifth
Amazon's Jeff Bezos, Thor Equities' Joseph Sitt, and 280 Richards Street (Photos via Getty; Thor Equities)

Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse

Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse
Stefano Ricci, Joe Sitt and 118-120 Northeast 39th Street (Getty, Thor, Google Maps)

Thor Equities sues to evict Stefano Ricci from Miami Design District

Thor Equities sues to evict Stefano Ricci from Miami Design District
SL Green CEO Marc Holliday, 590 Fifth Avenue and Thor Equities CEO Joseph Sitt (Holliday via Grant Lamos IV/Getty Images; Google Maps)

SL Green moves to foreclose on Thor’s 590 Fifth Ave

SL Green moves to foreclose on Thor’s 590 Fifth Ave
Thor Equities’ Joe Sitt and a rendering of 933 Broadway (Credit: Thor)

Thor Equities sues Mactaggart over latest broken deal

Thor Equities sues Mactaggart over latest broken deal
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Michael Shvo, Thor Equities’ Joe Sitt, Wharton Properties’ Jeff Sutton and 530 Broadway

Michael Shvo closes on Soho retail building for $382M

Michael Shvo closes on Soho retail building for $382M
Wharton Properties' Jeff Sutton, Thor Equities' Joe Sitt, 530 Broadway and Michael Shvo

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M
arrow_forward_ios

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

Loading...