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Deals & Dealmakers Retail

Sitt doubles his money on Fifth Ave. retail condo

Thor Equities has signed an agreement to sell the retail condo at 445 Fifth Avenue in Midtown Manhattan to Harbor Group International for $68 million, company executives announced today.

445 Fifth Avenue
445 Fifth Avenue

The development firm led by Joseph Sitt acquired the 20,000 s/f retail space at  39th Street for $32.5 million in 2011.

“We continue to believe strongly in the Fifth Avenue corridor,” said Sitt, CEO of Thor Equities.  “However, we felt the time was right to sell this property, after successfully implementing our business plan of improving a prime retail location and securing a nationally recognized tenant.”

Thor Equities recently signed women’s contemporary jewelry and accessory retailer Charming Charlie to the majority of the building’s retail space on the first and second floors.

Located steps from Bryant Park, 445 Fifth Avenue is surrounded by leading retailers such as Lord & Taylor, Zara, BCBG Max Azria, Zara and Elie Tahari, and close to Grand Central Terminal, Penn Station, the Port Authority and Times Square. Richard Baxter of JLL brokered the sale.

Thor Equities continues to own properties on Fifth Avenue at 693 Fifth Ave. and 685 Fifth Ave. in the Plaza District; 597 Fifth Ave., 590 Fifth Ave., 564 Fifth Ave., 562 Fifth Ave., 530 Fifth Ave. and 520 Fifth Ave. in Midtown; and 172, 164 and 139 Fifth Ave. in Flatiron.

 

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