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

Lease Beat

Four New Tenants Sign Midtown South Leases [Updated]

245 Fifth Avenue

The Moinian Group and Thor Equities inked deals for four new tenants totaling 40,397 square feet in their 26-story building at 245 Fifth Avenue just north of Madison Square Park, Commercial Observer has learned.

E-commerce reviewer service TrustPilot and skin care and spa provider Anti-Aging America each signed for 13,627 square feet for the entire fourth and sixth floors of the building, respectively, while ad agency Wednesday NY will move into the 8,916-square-foot 25th floor later this year and the nonprofit research organization the Families & Work Institute will occupy a 4,227-square-foot area on the 10th floor of the building. Read More

Lease Beat

Samsung Seals Deal at 837 Washington Street [Updated]

837 Washington Street.

Samsung Electronics North America has confirmed it is leasing the entire 55,000-square-foot building at 837 Washington Street, the Wall Street Journal reported, using the space to house its brand marketing team and to showcase business mobile products. The deal was signed early last night, Paul Pariser, co-chief executive officer of Taconic Investment Partners, told Commercial Observer.

As CO first reported, the electronics company was close to finalizing a deal last month in the six-story building developed by Thor Equities and Taconic. The asking rent on the ground floor at the glass building, which is between Little West 12th and 13th Streets, was $500 per square foot, a source previously told CO. The asking rent for the floors above was $120 per foot and the asking rent for the below-grade space was $100 per foot, Mr. Pariser said, noting that they provided “market concessions.” 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

pre-builts and renovations

Moinian, Thor Launch Pre-Built Program at a Flatiron Building

245 Fifth Avenue. (Thor Equities' website)

At a Flatiron District building they own, The Moinian Group and Thor Equities are launching a full-floor pre-built program targeting the tech, advertising, media and information, or TAMI, fields, Commercial Observer has learned.

In addition to the pre-builts, the owners are committing millions of dollars to the renovation of the lobby and elevator cabs at the building, at 245 Fifth Avenue at 28th Street. Construction will commence once the final plans are approved. Read More

Head of the Pack

Samsung Nears Deal to Lease Entire 837 Washington Street

837 Washington Street.

Samsung Electronics has pulled ahead of Facebook, Google and Ferrari in negotiations to lease an entire Meatpacking District building across the street from the High Line and the future Whitney Museum, sources close to the negotiations told Commercial Observer.

The asking rent on the ground floor at the glass building, at 837 Washington Street between Little West 12th and 13th Streets, is $500 per square foot, one of the sources said. Read More

Sales Beat

East End Closes on Sale of Mercer Street Properties for $33M

25-27 Mercer Street.

East End Capital, which bought three Mercer Street properties with more than 25,000 square feet of mixed-use retail and residences for $18 million about two years ago, has completed the sale of them to Thor Equities and investor Yaron Jacobi, who heads Premier Equities, for a total of $33 million.

“We raised the retail rents on rents that rolled, doubling them to $150 per foot, and then we raised the residential rents by 25 percent on market rents to $55 a foot,” said David Peretz, managing principal at East End Capital. Read More

Mortgage Observer

Thor Equities Takes Goldman Sachs Loan for Row NYC Retail Space

700 Eighth Avenue

Goldman Sachs provided a $50 million mortgage to Thor Equities for its recently acquired retail condominium space in the Row NYC Hotel at 700 Eighth Avenue, a person familiar with the transaction told Mortgage Observer on background.

The Midtown-based real estate firm bought the retail condo from a venture between Highgate Holdings and Rockpoint Group, which owns the hotel, for $64 million on March 27. The acquisition took the form of a long-term lease that extends to Feb. 29, 2112, according to the person familiar with the transaction. 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

Sales Beat

Thor, Rockwood Snap up UWS Building [Updated]

838 West End Avenue.

Thor Equities‘ residential arm, along with Rockwood Capital, have closed on the purchase of a 70-unit rental building on the Upper West Side, Commercial Observer has learned.

The deal at 838 West End Avenue closed last night, and according to the exclusive broker on the deal, Steven Vegh, president of Westwood Realty Associates, the price was $67 million. The seller was Zauderer Realty Associates LLC. Read More