Patricia Field Sells Former Bowery Boutique Home to Thor for $8.2M [Updated]
Terence Cullen May 17, 2016, noon
Thor Equities has scooped up the vacant retail condominium at 306 Bowery between East Houston and Bleecker Streets formerly home to the Patricia Field boutique, Commercial Observer has learned. The $8.2 million sale, which closed yesterday, represents the third property along the mile-long Bowery that Thor has bought in the last two years.
“The Bowery is continuing its transformation into one of Manhattan’s most vibrant shopping corridors, fueled by the area’s new residential development, boutique hotels, museums, art galleries and nightlife,” Thor Chief Executive Officer Joseph Sitt said in a statement.
The boutique was run by its founder, Patricia Field, who has designed costumes for Sex and the City and The Devil Wears Prada and announced last December that she would close her retail store, which had been around for roughly 50 years in several different locations. She opted to sell the property and end retail operations as she has focused more on costume design for film and television, she told The New York Times last December.
Patricia Field officially closed the store in March, according to a Thor spokesman. The new owner plans to lease the space to a flagship retail store, he added. Ishan Chhabra and Amit Doshi of Besen & Associates represented both the buyer and the seller in the deal.
The 6,700-square-foot retail portion of the building at 306 Bowery is spread between the ground floor and the lower level, both of which were used for the boutique, according to information provided by. It has an entrance on Bowery as well as a separate doorway on Elizabeth Street.
Ms. Field opened the 306 Bowery location in 2012, moving from two doors down at 302 Bowery. The current location is a combination of two properties. The well-known designer bought 306 Bowery in the early-2000s for an unknown sum and used it as her home until she purchased the adjoining 298 Elizabeth Street, knocked down a wall and merged the two spaces, as the Times reported in 2012. Property records show she paid $1.2 million for the Elizabeth Street portion four years ago.
Thor meanwhile has been scooping up properties in Noho left and right, including along the Bowery. Its buying blitz started in October 2014, when it bought the 1,600-square-foot retail condo at 195 Bowery between Delancey and Rivington Streets for $4 million, as CO reported at the time. And last May, the Midtown-based landlord scooped up the full building across the street at 176 Bowery for $10.2 million, according to local news blog Bowery Boogie.
Update: This story has been edited to include the brokers in the transaction.