Thor Equities selling State Street property as it doubles down on Fulton Market

Thor Equities is selling a 19,000-square-foot commercial property in State Street, as it continues to invest in Fulton Market.

The company has hired Cushman & Wakefield to sell the property at 36 South State Street, according to Crain’s. Its retail tenants include Verizon, T-Mobile and Blick Art Materials. The sale was expected to fetch $26 to $28 million, Crain’s reported.

Thor paid $11.5 million for the space in 2004, according to Real Capital Analytics. It still owns the Palmer House Hilton, which it bought in 2005 for $230 million. It sold a four-story building at 133 South State Street for $10 million last year. And in 2016, sold a retail space near the 36 South State Street location for $44 million.

Thor two weeks ago secured $50 million in loans to finance its Fulton Market expansion.  Centennial Bank issued a $19.3 million loan to the New York developer for a block of properties near the corner of Fulton and Halsted streets and another $30.6 million loan for 216-222 North Peoria Street, a few blocks away. The firm also owns 942 West Fulton Market, a 16,000-square-foot building marketed as offices over ground-floor retail.

Thor is a privately held real estate firm founded in 1986 by Brooklyn native Joseph Sitt. It invests in assets in the United States, Europe and Latin America with a focus on retail in major cities. In New York, it is known for its ownership and redevelopment of scores of retail properties in major shopping districts and corridors. [Crain’s]  — John O’Brien