Thor to pay $55M for stake in Taconic project

Joseph Sitt’s Thor Equities has agreed to pay $55 million for a 75-percent stake in a new Morris Adjmi-designed mixed-use project at 837 Washington Street, the New York Post reported.

Thor will oversee leasing of the 21,000 square feet of retail at the six-story building, which is being developed by Taconic Partners and Square Mile Capital, while Taconic will handle leasing of the 34,000-square-foot office space.

Taconic may fetch three-figure rents for the office space, one source told the Post.

“The market has tightened and this (sub) market is unique,” said the executive, who declined to be identified.

Thor is also said to be purchasing a new 49-year master lease for a six-story building at 426 West 14th Street, the Post said. [Post]