Lease Beat

Italian Designer Inks Deal at 680 Madison for Flagship

680 Madison Avenue.

Brioni, an Italian men’s fashion company, has inked a deal for the first two retail levels of 680 Madison Avenue, according to the landlord, Thor Equities.

The clothier is taking 7,000 square feet for its flagship store on the ground level and second floor in a new lease, the landlord announced, which closed on Tuesday. Asking rent in the building between East 61st and East 62nd Streets was $2,000 per square foot, per a Thor Equities spokesman. Read More

Lease Beat

Dolce & Gabbana Leases Entire 155 Mercer Street For Flagship

155 Mercer Street

Dolce & Gabbana, the fashion house known for its iconic Italian style, will open its third Manhattan outpost that will serve as the brand’s flagship store, according to The Wall Street Journal, which first reported the story.

The company has signed a lease for all four stories of the property at 155 Mercer Street between Prince and West Houston Streets in Soho, the Journal reported. Read More

Sales Beat

Thor Nabs W’burg Properties for Retail Project

Rendering of 130 North 6th Street. (Thor Equities' website)

Joseph Sitt’s Thor Equities has purchased three Williamsburg properties for approximately $17.8 million and is planning to turn the site into a 10,000-square-foot retail development.

Thor paid $14 million for 124 North 6th Street and $3.75 million for 126 and 134 North 6th Street, all between Bedford Avenue and Berry Street, property records recorded last Thursday indicate. The two sales closed on Aug. 25.  Read More

Sales Beat

Thor Scores Fifth Avenue Building for $28M

172 Fifth Avenue

Joseph Sitt‘s Thor Equities snapped up a residential and retail property at 172 Fifth Avenue one block south of Madison Square Park between West 22nd Street and West 23rd Street for $28 million, Commercial Observer has learned.

The six-story, 25-unit Midtown South building with retail spaces on the two bottom floors represents the 16th asset Thor has purchased on Fifth Avenue, sources said, but this property, which Mr. Sitt bought from ABC Management Corp., should prove especially attractive due to its location, according to Thor’s website. Read More

Sales Beat

Thor Nabs Another Fifth Avenue Building, This One for $23M

164 Fifth Avenue.

In the latest addition to his large Fifth Avenue portfolio, Joseph Sitt‘s Thor Equities last Friday closed on the acquisition of 164 Fifth Avenue from AIGA for $23 million, Commercial Observer has learned. It is Thor’s fourth recent purchase along Fifth Avenue.

The Beaux-Arts 19,000-square-foot building between 21st and 22nd Streets has four stories plus a mezzanine and AIGA calls it home. Read More

In Contract

Thor Equities Buying Madison Avenue Townhouse

36 East 61st Street.

In an unusual move, Thor Equities has agreed to buy an architecturally significant townhouse at 36 East 61st Street, Commercial Observer has learned. The deal is slated to close this summer.

The house is seven stories and comprises 15,900 square feet. Thor declined to provide the contract price but comparables in the area are between $25 million and $35 million. The seller is a high-net worth family, a Thor spokesman said, and the property is being used for offices. Read More

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