Coney Island’s Joe Sitt Takes Fifth Avenue Jewel for $140 M.

Coney Island developer Joe Sitt, of Thor Equities, beat out his rivals to win the Takashimaya Building on Fifth Avenue for more than $140 million, according to the New York Post:

[A] slew of potential buyers had been whittled down to a mere five finalists. Along with Sitt, those included Vornado Realty Trust; a group that included David Werner; Jeff Sutton with SL Green Realty; and what turned out to be watch retailer Swatch.

The slender 20-story building, on the east side of the tony block between 53rd and 54th streets, contains a mere 97,500 square feet. The pricing equates to about $1,450 a foot. Most prospective buyers had talked of leaving the bottom two or three stories as retail, with the rest turned back into boutique offices for investment-type tenants.

More here.

drubinstein@observer.com