Thor Equities Scores Soho Co-op From Mosaic Company
Lauren Elkies Schram April 13, 2015, 1:45 p.m.
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.
“Soho continues to dominate the luxury retail market and shows no signs of slowing down, drawing swaths of innovative designers and an endless supply of chic, upscale clientele,” said Joseph Sitt, the chief executive officer of Thor, in prepared comments. “Top brands from around the world are always on the lookout for unique, dynamic locations in New York City, and demand for space on Greene Street is particularly strong.”
The building at 41-43 Greene Street is a six-story mixed-use elevator building constructed around 1910. Tenants in the building include Fitzgerald Fine Arts, a leading gallery in the presentation of contemporary Chinese porcelain and ink painting, and Prosopon School of Iconology, which teaches students the practice and theory of the ancient Christian art of icon. The Thor purchase closed March 9 and appeared in property records nine days later.
GFI’s Shawn Sadaghati represented Thor in the deal and colleague Ben Katz represented Bisazza, which moved elsewhere in Soho.
“Thor Equities was attracted to this property because of their strong existing presence within Soho,” Mr. Sadaghati said in remarks sent via a GFI spokesman. “We were able to secure the deal in a day with Thor Equities in this off market transaction. This transaction was right in their sweet spot. They saw this outstanding space as a great addition to their portfolio.”
Thor also owns the retail space at 53 Greene Street, 55.5 Greene Street, 57-63 Greene Street, 60 Greene Street, 70 Greene Street, 136 Greene Street and 138 Greene Street.
Mr. Katz added: “Thor went into contract in early 2013 and waited for Bisazza to find a new location before closing. We were able to keep both parties happy in the interim.”