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.
Thor wanted the building because “the property’s prime location between Madison Square Park and Union Square delivers outstanding exposure, prestige and convenience,” a source with knowledge of the deal said. It will be delivered vacant.
The source added that the building “is ideally suited to full-building occupancy by a major retailer seeking a prime location along this coveted stretch of Fifth Avenue.”
Mr. Sitt wasn’t reachable for comment and nor was AIGA.
AIGA was founded in 1914 as the American Institute of Graphic Arts and is the oldest and largest professional membership organization for design, according to its website. It is now known simply as “AIGA, the professional association for design.”
Thor recently acquired alone or in partnership with others 530 Fifth Avenue for $595 million, 685 Fifth Avenue for more than $475 million and 212 Fifth Avenue for around $200 million. The company also owns other buildings along Fifth Avenue including 520 Fifth Avenue and 693 Fifth Avenue.