Thor Buys Two More Soho Retail Co-ops in Continued Nabe Blitz [Updated]
Terence Cullen Nov. 23, 2015, 12:17 p.m.
Thor Equities has scooped up two more retail co-ops in Soho for a combined $27.2 million, Commercial Observer has learned.
The retail-centric landlord bought 169 Mercer Street for $20 million, according to Thor. In a separate deal earlier this month, Thor also bought 424 Broome Street for $7.2 million.
“We continue to believe strongly in the retail market in Soho, which is increasingly becoming a major upscale destination for international visitors and locals alike,” Joseph Sitt, Thor’s chief executive officer, said in prepared remarks.
Thor closed on the 3,800-square-foot retail co-op at 169 Mercer Street between Prince and Houston Streets a week ago, property records show. The price was not listed in public records. The space is currently occupied by R by 45rpm, a men’s and women’s fashion retailer. A Thor spokesman said the fashion company has an ongoing lease and will stay in the co-op, but he didn’t provide how long the lease is for.
The 4,000-square-foot retail space at 424 Broome Street, however, was delivered vacant when Thor closed on it earlier this month. Homegoods brand Ankasa previously occupied the space, and its parent company, Ankasa NYC, sold the co-op to Thor. Greg Kim of Veracity Real Estate represented the seller.
The two purchases are the latest in Thor’s aggressive expansion in the Soho and Noho areas. Last week, CO reported that the company had signed Stone Island to a long-term deal at 41-43 Greene Street. The Italian retailer had originally occupied the space as a pop-up shop.
That location is one of several Greene Street retail condominiums Thor has scooped up in the last year. Thor bought the neighboring 37-39 Greene Street in June for $12 million, as CO previously reported.
Update: This story has been edited to include the broker on the 424 Broome Street sale.