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693 Fifth Avenue

693 Fifth Avenue
New York, NY 10022
(212) 529-7417
Website
Office, Retail, Leasing/Rental

693 Fifth Avenue is an office-and-retail building owned by French billionaire Marc Ladreit de Lacharrière. The structure, which has 20 stories and 105,000 square feet, was built in 1993.

It was originally the property and New York flagship of Japanese retailer Takashimaya. In June 2010, the company closed the store.

Thor Equities, a privately held real estate firm founded in 1986 by Joseph Sitt, acquired 693 Fifth Avenue for $142 million in 2010 after Takashimaya went bankrupt, and spent millions of dollars upgrading the property. Ladreit de Lacharrière, who bought it from Thor for $525 million in 2016, is chair and CEO of Fimalac, a French holding company that owns minority stakes in Fitch Ratings and Warburg Pincus.

 

  • Year Built 1991
  • square feet 101,319
  • block and lot 1-01290-0003
  • BIN 1035742
  • Event Office Leasing
  • Address 693 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 5,844
notes
The luxury designer signed a lease for the Plaza District space.
  • Event Office Leasing
  • Address 693 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 6,072
notes
The luxury designer signed a lease for the Plaza District building.
  • Event Financing
  • Address 693 Fifth Avenue
  • Neighborhood Midtown East
  • Borough Manhattan
  • Square feet 96,500
  • Price $ 250,000,000
  • Price per foot $ 2,590.00
notes
The French billionare secured a $250 million acquisition loan.
  • Event Sales
  • Address 693 Fifth Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 100,000
  • Price $ 525,000,000
  • Price per foot $ 5,250.00
notes
The office and retail building sold for $525 million.
  • Event Retail Leasing
  • Address 693 Fifth Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 5,300
  • Event Sales
  • Address 693 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 97,500
  • Price $ 140,000,000
  • Price per foot $ 1,435.90
notes
Joe Sitt of Thor Equities won the Takashimaya Building last month with an offer of $140 million, or around $1,450 per square foot.

07/01/2016
Fifth Avenue is not usually a New York City laggard, but it’s been a decade since a major development has gone up on the tonyFifth Avenue is not usually a New York City laggard, but it’s been a decade since a major development has gone up on the tony...

12/01/2014
While critics point to the risks for his investors in holding more sites vacant for longer than his rivals will typically bear, Sitt was successful in several high-profile bets over the past year. Those include the Takashimaya building at 693 Fifth Avenue, which was leased last year to Valentino for a reported annual rent of $16 million per year...

12/01/2011
Click to enlarge Upper Fifth Avenue (the portion between 49th and 59th streets) is the most expensive retail stretch in the world. However, it's not Click to enlarge Upper Fifth Avenue (the portion between 49th and 59th streets) is the most expensive retail stretch in the world. However, it's not...

12/10/2010
Indeed, 11 deals above $100 million have closed or are under contract so far this year, compared with just three such deals last year, said Helen Hwang, an executive vice president in the New York Capital Markets Group at Cushman. Thor Equities' July deal for the Takashimaya Building at 693 Fifth Avenue for $142 million, and Rockpoint Group's purchase of a nearly 50 percent stake in Park Avenue Plaza on East 52nd Street for $335 million, are two major examples...