Making it’s second big purchase in a week, Thor Equities brought 2013 in with a bang, closing on the $277 million purchase of the landmark Carlton House retail space.
Company executives confirmed yesterday (Wednesday) Thor had purchased the 36,000 s/f space from Extell Development Co.
“Madison Avenue is so closely identified with luxury and class that the name itself has become synonymous with high-end, so much so that it is essential for any retailer calling itself a ‘luxury brand’ to have a presence on this thoroughfare,” said Joe Sitt, CEO of Thor Equities.
“The opportunity to market this remarkable space to the best-of-the-best of luxury retail brands was simply too incredible a possibility to pass up.”
Situated between 61st and 62nd Streets, the space is more than 36,000 s/f and includes 367 feet of continuous, wrap-around frontage. It fills the full west side of the Madison Avenue block.
The retail space is currently vacant and being renovated for delivery to retailers in the fourth quarter of 2013, according to Sitt.
Neighboring retailers represent a who’s who in the fashion and luxury marketplace and include Hermes, Barneys New York, Gucci, Jimmy Choo, David Yurman, dolce Gabanna, Longchamp, Chanel, Valentino, Michael Kors.
This purchase — reportedly one of the highest prices ever paid for a retail property on the street — comes less than a week after Thor announced it purchased 529 Broadway on the corner of Spring Street in Soho.
Last month, the firm partnered with Taconic to build a 55,000 s/f retail and office building on the corner of Washington and 13th Streets, across from the High Line. Thor Urbana Capital also announced last month it will invest half a billion dollars developing and redeveloping real estate across Mexico, taking advantage of the enormous real estate boom that is beginning to take hold across the country.
According the Wall Street Journal, Thor beat out Vornado Realty Trust for the space that sits between Barneys and Hermès.
Extell Development and Angelo, Gordon & Co. paid $170 million for the Carlton House in 2010 and are converting the upper floors to co-ops.