Mortgage Observer

Blackstone Finances Thor Equities Riverside Drive Acquisition

120 Riverside Drive

A partnership between Thor Equities and global real estate investment firm GreenOak has received a $65 million loan from Blackstone Mortgage Trust for its purchase of two prewar rental buildings on the Upper West Side, a person familiar with the negotiations told Mortgage Observer on background.

The floating-rate loan for the two buildings at 120 and 125 Riverside Drive closed on March 11, the same day as the acquisition, and carries a term of up to five years, that person said. GreenOak provided additional equity to fund the $85 million purchase. Read More

Sales Beat

Purchase of Thor Equities’ 530 Bway Closes at $326M [Updated]

530 Broadway

A joint venture led by Jeff Sutton’s Wharton Properties has nabbed a three-building site at 530 Broadway from Joseph Sitt‘s Thor Equities for $326 million. The sale closed on March 6 and appeared in public records today.

The retail mogul bought the 11-story property to extend his dominance in Soho. It hit the market in February 2013 and Mr. Sitt agreed to sell it to the new owners that September.  Read More

Lease Beat

Qatari Designer Inks 680 Madison Deal

580 Madison Avenue

The Doha, Qatar-based apparel retailer Qela has signed a 6,230-square-foot lease at 680 Madison Avenue, the first deal in the retail property since Thor Equities purchased it for $277 million one year ago.

The shop will occupy 3,000 square feet at ground level and 3,230 on the second floor when it opens in the fall of 2014. Qela will pay upwards of $2,000 per square foot for the prime ground-floor space–among the highest rental rates in the city. Read More

Sales Beat

$1.1 B. Sony Deal Etched in Stone

225px-Sony_Building_by_David_Shankbone_crop

City records confirm Joe Chetrit and David Bistricer’s $1.1 billion closing on the Sony Building, the deal that thrust Mr. Bistricer into the spotlight as his media shy partner continued his buying rampage.

The duo plans to turn the tower into residential condominiums and a hotel, and to retrofit the retail space; and they recently went into contract to purchase the 1.5-acre former Cabrini Medical Center site at Second Avenue and East 19th Street.

The Sony Building purchase pitted Mr. Bistricer and Mr. Chetrit against industry heavyweights like Joseph Sitt and Harry Macklowe, winning a competitive bid by slapping down a jaw-dropping $600 million letter of credit to seal the deal. Read More

Sales Beat

Joseph Chetrit and Partners Sling $150 M. at Former Cabrini Medical Center Site

Joe Chetrit (DNAinfo/Mathew Katz)

Joseph Chetrit is in contract to purchase the 1.5-acre former Cabrini Medical Center site at Second Avenue and East 19th Street, The Wall Street Journal reported today.

The Chetrit Group and its partners have agreed to pay more than $150 million for the five-building complex owned by Memorial Sloan-Kettering, sources familiar with the deal confirmed with The Commercial Observer.

The Journal noted that Mr. Chetrit is purchasing the property with the same group of investors that he bought the Sony Building with, which included David Bistricer and put the man at the helm of Clipper Equities on the map among commercial real estate’s elite. Read More

Lease Beat

Club Monaco Signs 5,100-Square-Foot Lease At 532 Broadway

Club Monaco's current store at 520 Broadway.

Club Monaco is moving on up to the northeast side of Broadway and Spring Street.

The mid-price casual apparel company signed a 15-year, 5,100-square-foot lease at Thor Equities532 Broadway in Soho and will move there from its current 14,500-square-foot location at 520 Broadway.

Robert Cohen of RKF represented the tenant. Joseph Sitt‘s Thor Equities represented the landlord in-house. Asking rents were $800 per square foot. Read More

Sales Beat

Thor Equities and ASB Real Estate Investments Pay $96.5 M for Meatpacking Building

875 Washington Street

Thor Equities and ASB Real Estate Investments’ Allegiance Real Estate Fund have purchased 875 Washington Street in the Meatpacking District for $96.5 million.

The 60,000-square-foot, five-story building, between 13th and 14th Streets, features office and retail space and is located across the street from the High Line Park, a main driver in the neighborhood’s assent as one of the city’s most-travelled retail destinations.

“The Meatpacking District is the place to be in the fashion world, and as purveyors of high-end retail real estate, it is only fitting that we continue to expand our presence here,” said Joseph Sitt, CEO at Thor Equities, in a statement. “Situated among many of the world’s best nightlife, dining, and shopping outposts, 875 Washington is truly in the heart of the excitement and growth of Manhattan.” Read More

Sales Beat

Thor Equities Purchases 680 Madison Avenue Retail Space for Skyhigh $277 Million

680 Madison Avenue

While prime retail corridors like Fifth Avenue and Soho have stayed afloat post-recession by keeping it real with a mix of high- and middlebrow retailers, Madison Avenue is standing by luxury as a bulwark in the sputtering economy.

Thor Equities‘ purchase of 35,000 square feet of retail space at 680 Madison Avenue for $277 million is further evidence of the street’s dramatic comeback, and, according to The Wall Street Journal, among the highest prices ever paid for retail property on the thoroughfare. Read More

Fifth Avenue Still on Top, Despite What Study Shows

Joe Sitt, of Thor Equities.

Fifth Avenue’s drop from the top spot of Cushman & Wakefield’s list of the world’s most valuable shopping destination has more to do with surging rental rates in Hong Kong than it does a loss of value here in New York. That city’s Causeway Bay now holds the distinction of being the most expensive strip Read More

Zoning Approvals

837 Washington Street Development Close to Getting Zoning Approval

The proposed 837 Washington Street

A joint Meatpacking District development by Taconic Investment Partners and Thor Equities is slated to receive zoning approvals from the New York City Department of Buildings, according to city records.

The proposed 55,000-square-foot development at 837 Washington Street will create 28,000 square feet of retail space and 27,000 square feet of office space at the former site of a 1930s factory building. Read More

Mortgage Beat

Thor Equities’ 590 Fifth Avenue Gets $100 Million in Financing

590 Fifth Avenue.

Cushman & Wakefield’s Equity, Debt & Structured Finance team has arranged $100 million in floating rate financing for Thor Equities’ 590 Fifth Avenue.

Thor Equities, headed by CEO Joseph Sitt, bought the 19-story, 100,000-square-foot office and retail building in 2007 from the Feil Organization for $90 million, according to data from Real Capital Analytics. Tenants there include AT&T and the NBA store. Read More