Thor Equities Takes Down Another Fifth Avenue Trophy: Scribner Building Under Contract
Thursday, June 16, 2011
Source: Globe St
Globe St reports: Joe Sitt, CEO of Thor Equities, recently stated that “Some neighborhoods never go out of style, and you can’t get more ‘High Street’ than Fifth Avenue in Midtown.”
Mr Sitt’s statement perfectly describes his firm's recent objective to acquire trophy properties along the Fifth Avenue corridor. After purchasing the Takashimaya building at 693 Fifth Avevnue last year, taking a partnership position at 245 Fifth Avenue, and acquiring 3 East 48th Street most recently, Thor has entered into contract for the regal 12-story Scribner Building at 597 Fifth Avenue. The historic Midtown Manhattan property, located between 48th and 49th Streets, is said to have a sale price of slightly over $100 million. It contains 58,000 square feet of commercial space, 12,000 square feet of retail space currently occupied by Sephora, and, of course, rubs elbows with other Fifth Avenue landmarks such as Rockefeller Center and Saks Department Store.
If the rumored price becomes the closed sale price of the Scribner Building, it would be a boon for A&A Acquisitions, the Kuwaiti firm that GlobeSt.com cited Real Capital Analytics has as the previous buyer of the property in 2006 for just $79 million.
View the full article on Globe St: Thor Equities Takes Down Another Fifth Avenue Trophy: Scribner Building Under Contract
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Posted by: Nina Turner