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.
“With an eclectic balance between designer duds and unique finds, the Flatiron shopping district between Madison Square Park and Union Square is one of New York’s finest,” the listing on Thor’s website says. “Besides boasting prime retail space on Fifth Avenue, one of the most desired fashion corridors in the world, 172 Fifth Avenue also reaps the benefits of being centrally located in the Flatiron shopping district. With tourists flocking to sightsee and shop, prevalent with lounges, clubs, and parks, the Flatiron District provides ample reason to return time and again.”
Representatives for Thor declined to comment and officials at ABS Management Corp. didn’t immediately respond to requests for comment. But current retail tenant Lucky Brand Jeans’ lease will expire in two years in the space with frontage on both Fifth Avenue and 22nd Street, sources said.
The purchase continues a dizzying pace of activity by Thor, which is reportedly buying up three Midtown buildings for $218 million and closed on three commercial condominium units in the Financial District for $31 million last month, as Commercial Observer reported.