Thor, Premier Equities Pay $12M for Greene Street Retail Condo

37-39 Greene Street.

Thor Equities and Premier Equities have closed on a 3,500-square-foot retail condominium in Soho for $12 million, property records show.

With its purchase of the condo at 37-39 Greene Street, Thor adds to its cadre of retail spaces along the strip, which it’s been buying up like they’re Louis Vuitton bags. The retail space is currently occupied by Kartell, an Italian furniture and home design company, according to Thor and a Kartell employee. Kartell currently has a lease running through 2022, according to a source with knowledge of the sale. Read More

Lease Beat

Bitly Inks Deal for Larger Office in Flatiron District [Updated]

139 Fifth Avenue.

The company known for creating short links is taking a larger cut of office space for its headquarters.

Bitly, which compacts website links for sharing on social media and messages, inked a deal for 11,000 square feet at 139 Fifth Avenue between East 20th and East 21st Streets, according to landlord Thor Equities. The tech firm is taking the fifth and sixth floors of the six-story building. Read More

Sales Beat

Thor Closes on 734 Broadway for $17M

734 Broadway.

Thor Equities closed on its purchase of 734 Broadway south of Astor Place from Extell Development for $17 million, Commercial Observer has learned. CO first reported when the contract was signed in February, but did not have a sale price.

Yesterday’s purchase of the five-story landmarked cast-iron building includes 6,500 square feet of usable retail space with 25 feet of frontage, and four floors of office space totaling 12,500 square feet. The property is currently vacant and will undergo renovations. Read More

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

On the Market

Thor Equities’ Retail Condo at Row NYC Hotel Hits the Market

Row NYC at at 700 Eighth Avenue (Photo: Lauren Elkies Schram).

Thor Equities‘ roughly 27,000-square-foot three-story retail condominium unit at the base of the Row NYC Hotel, formerly Milford Plaza, has hit the market. A source said the property is expected to fetch in excess of $100 million.

The 26,883-square-foot site at 700 Eighth Avenue between West 44th and West 45th Streets includes four stores, the nine-vendor food court called City Kitchen (which opened in March and has a lease through March 2023), two souvenir shops and an 1,000-square-foot below-grade space leased to the hotel that is being built out for a gym, according to information obtained by Commercial Observer.  Read More

Food & Drink

Smorgasburg, Art Walls Comes to Coney Island

coney island

Thor Equities is bringing art walls from street artists of the last 40 years to its 1320 Bowery Street site, straddling the Coney Island Boardwalk, as well as bringing the popular Brooklyn food venue Smorgasburg to the area, the company announced today.

Joseph Sitt, the chief executive officer of Thor, and Jeffrey Deitch, an art adviser who used to run the Museum of Contemporary Art in Los Angeles, are arranging the 20-plus artists that include Crash, Futura and Lady Pink to paint installments at Coney Art Walls as summertime kicks off. Read More

Sales Beat

Thor Equities Scores Soho Co-op From Mosaic Company

41-43 Greene Street.

Thor Equities, which owns retail co-ops on Greene Street, has purchased another Greene Street unit for $10.5 million.

The company last month acquired the vacant 3,750-square-foot ground-floor retail co-op at the 24,922-square-foot 41-43 Greene Street between Grand and Broome Streets from Italy-based mosaic company Bisazza, according to GFI Realty Services, which represented both sides in the deal. The space has a classic cast iron storefront and over 30 feet of frontage. Read More

Sales Beat

Thor Sells Bay Ridge Property to Zucker Organization for $5.7M

463 86th Street.

Family-owned real estate firm the Zucker Organization has purchased a fully occupied Bay Ridge property from Thor Equities for $5.7 million, Commercial Observer has learned.

“We continue to believe strongly in the Brooklyn retail market,” said Joseph Sitt, the chief executive officer of Thor Equities, in prepared remarks. “However, we felt the time was right to sell this strategically located property, after successfully implementing our business plan of improving a foreclosed-on building and replacing the below market tenant with a nationally recognized brand.” 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 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


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