Joe Sitt’s Thor Equities Group has sold 164 Fifth Avenue, a building on Manhattan’s prime Flatiron retail corridor between 21st and 22nd Streets, for $40 million.
Currently fully leased to Alo Yoga for 15 years with the lease term expiring in 2034, 164 Fifth Avenue offers six levels of retail space.
The building is suitable for multiple tenant scenarios, with 3,500 s/f on the ground floor, 3,500 s/f on the lower level, 1,600 s/f of mezzanine space, 3,100 s/f on the second and third floors and 2,800 s/f on the fourth floor.
This is Alo Yoga’s third store in New York and the lifestyle brand recently announced the arrival of Sutra, a new restaurant also at 164 Fifth Avenue, with celebrity chef Matthew Kenney, a pioneer in plant-based cuisine with more than 40 restaurants on five continents.
According to Joe Sitt, Chairman of Thor Equities, “164 Fifth Avenue has been the long-time home to world-renowned retail brands that benefit from premier Fifth Avenue visibility. We are pleased to announce this successful sale of one of our well-known Fifth Avenue landmark assets.”
Thor has owned the property since 2014 when he bought it from the American Institute of Graphic Arts for $23 million.