Thor Equities buying big in Wynwood: nearly a square block for $29M

Seller, David Edelstein of New York-based TriStar Capital, bought site for $8.5M in 2013
By Ina Cordle | April 15, 2015 04:00PM

2801 Northwest 3rd Avenue in Wynwood, David Edelstein, above, and Joseph Sitt, below.

New York-based Thor Equities has signed a contract to pay $29 million for nearly a square city block in Miami’s hot Wynwood neighborhood, The Real Deal has learned.

The property, at 2801 Northwest Third Avenue, includes seven parcels that occupy the majority of the space between Northwest 28th Street and Northwest 29th Street, and between Northwest Second Avenue and Northwest Third Avenue. The site totals 105,000 square feet, with 54,000 square feet of leasable space and a parking lot.

Thor has put the property under contract, and the deal is expected to close within a month, according to sources close to TRD. The huge real estate investment firm, which has been expanding its holdings in Wynwood, Miami’s Design District and on Miami Beach’s Collins Avenue and Lincoln Road, plans to renovate and reposition the Wynwood site for retail, sources close to the deal told TRD.

A Thor spokesperson declined to comment.

Jason Weisman, principal of Miami-based JAW Interests,  represented the buyer and seller in the off-market deal.

The seller of the property is SBT Wynwood, in care of David Edelstein, according to Miami-Dade property records. Edelstein, who heads New York-based TriStar Capital, bought the site for $8.5 million in October 2013. At that time, Tony Cho, president of Metro 1, represented him.

Thor, led by Joseph Sitt, owns other property in Wynwood, including a retail building at 2722 Northwest Second Avenue. Property records show the company bought it in January 2014 for $1.9 million.

Three weeks ago, Thor paid $16 million for two properties in Miami’s Design District: 56 Northeast 40th Street and 55 Northeast 39th Street. The purchases gave the firm a contiguous site totaling nearly a quarter of the district, according to Lyle Chariff, president of Chariff Realty Group, which represented Thor in that transaction.

Thor’s large roster of sites in the Design District includes 2-54 Northeast 40th Street, 43 Northeast 39th Street, 53 Northeast 39th Street, 75-81 Northeast 39th Street, 120 Northeast 39th Street and 3925 North Miami Avenue.  The company has spent about $100 million on its portfolio, Chariff said.

In New York, Thor’s portfolio includes such retail sites as 597 Fifth Avenue, 693 Fifth Avenue, 685 Fifth Avenue and 680 Madison Avenue, according to the company’s website. Lasts month, Thor announced that it has leased a property at 155 Mercer Street in SoHo to Dolce & Gabbana for the brand’s flagship retail store.