Sales Beat

Thor Picks Up Extell’s 734 Bway, Penthouse Plans TBD

734 Broadway.

Joseph Sitt‘s Thor Equities has purchased a Noho loft building from Gary Barnett‘s Extell Development, in the third such deal between the two firms in roughly the last two years, according to a source with intimate knowledge of the deal. The contract was signed last Friday.

Last May, the city’s Landmarks Preservation Commission approved plans to restore the 1872 building at 734 Broadway south of Astor Place, Curbed reported, and install a two-story penthouse on top of the five-story building. Mr. Sitt hasn’t yet determined whether or not to proceed with the addition, the source indicated. Read More

Sales Beat

Thor Scoops Up Soho Retail Condo for $24.5M

350 Broadway.

Thor Equities, which made headlines this week for an $800 million apartment building portfolio buy, has closed on the purchase of a retail condominium in Soho for $24.5 million, Commercial Observer has learned.

The 13,900-square-foot indoor space on the ground and second floors at 350 West Broadway is vacant, a source with knowledge of the deal said. In addition to the indoor space, the sale includes a 1,500-square-foot terrace. Nordstrom‘s charitable Treasure & Bond store formerly occupied the condo. Read More

Sales Beat

Thor Closes on $27M UES Townhouse Purchase

36 East 61st Street.

Thor Equities has closed on the $27 million acquisition of a Madison Avenue townhouse from Coral Gables, Fla.-based Cisneros Group. The sale of 36 East 61st Street closed on Dec. 15 and appeared in public records today.

As Commercial Observer previously reported, Thor was slated to buy the townhouse which has seven stories and comprises 15,900 square feet, with the property providing a prospective tenant with a “blank canvas” with which to work. Read More

Mortgage Observer

Office Towers at 530 Fifth Avenue and 485 Seventh Avenue Defeased

530 Fifth Avenue.

Two securitized loans backing Manhattan office towers at 530 Fifth Avenue and 485 Seventh Avenue were fully defeased this month, according to December remittance data obtained by Trepp and provided to Mortgage Observer.

The 499,554-square-foot office tower at 530 Fifth Avenue has a current balance of $164.1 million and previously made up 7.8 percent of its CMBS deal, WBCMT 2006-C25. The building’s defeasance brought the total percentage of defeased loans in that deal to more than $218 million, or 10.4 percent of the securitized balance, according to Trepp. Read More

On the Market

Thor, Taconic Put Samsung-Leased Building on Sales Block

837 Washington Street

Thor Equities and Taconic Investment Partners are marketing the brand new six-story, 63,131-square-foot building leased to Samsung Electronics North America in the Meatpacking District, according to an email flyer that brokers from Eastdil Secured circulated yesterday.

The building at 837 Washington Street next to the High Line and near Google and Apple will boast a Samsung office and marketing hub through September 2025, the flyer says. Read More

Sales Beat

Thor Grabs Retail Condo Near Brooklyn Navy Yard

68 Washington Avenue

Thor Equities purchased a 1,824-square-foot ground-floor retail condominium at 68 Washington Avenue near the Brooklyn Navy Yard for $900,000, Commercial Observer has learned.

Thor is seeking a restaurant or bar tenant for the Clinton Hill property that the company closed on in the last week of October, noted Andre Sigourney of the CPEX Real Estate retail investment sales team. 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


Sign of the Season: Halloween Stores Pop-Up

209 Smith Street

Fashion, cosmetics and beauty products retailer Ricky’s NYC will open a 4,500-square-foot Halloween-themed pop-up shop this week in Thor Equities’ retail space at 209 Smith Street in Cobble Hill, Brooklyn as part of a rollout of 25 temporary Halloween costume, makeup and prop stores in Manhattan and Brooklyn.

While some retailers devote their entire business model to seasonal stores that often shift from Halloween to the December holidays as the fall turns to winter, Rickey’s will be using the space for another well-established pop-up purpose: to test the Restaurant Row market on a street among brownstone neighborhoods and Downtown Brooklyn. 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

Mortgage Observer

Thor Refis Carlton House Retail with $175M from Morgan Stanley

680 Madison Avenue

Thor Equities refinanced its retail condominium at the base of luxury co-op The Carlton House at 680 Madison Avenue with Morgan Stanley, a source confirmed to Mortgage Observer. The $175 million first mortgage closed last month, according to records recently filed with the city.

Thor purchased the building’s block-long retail space for $277 million in January 2013—one of the highest prices ever paid for a retail property on Madison—from Extell Development, which is in the process of converting the upper floors into cooperative residential units. Read More

Real Estate and Politics

Three of Five Developers Haven’t Cashed In Controversial Tax Exemption

99 Church Street

The five controversial tax break eligibilities for luxury housing developers that state lawmakers and Governor Andrew Cuomo carved out for five developers in January 2013 legislation have sparked controversy, speculation and investigation, but only two of the developers have actually applied for and received the 421-a exemptions thus far.

The eligibilities for Silverstein Properties at 99 Church Street, Thor Equities at 520 Fifth Avenue, Friedman Management at 113 Nassau Street, Fisher Brothers at 78-86 Trinity Place and Extell Development Company at 157 West 57th Street reportedly showed up on a subpoena for the Real Estate Board of New York drafted by investigators with the Moreland Commission to Investigate Public Corruption before the governor’s office intervened. But three of the developers have yet to apply to the city Department of Housing Preservation and Development (HPD), and the other two received the exemption in exchange for building affordable housing. Read More