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693 Fifth Said to Fetch $140M

NEW YORK CITY-Thor Equities has placed the winning bid on Takashimaya’s 20-story retail and office property, according to published reports.

By Paul Bubny | Updated on June 02, 2010

NEW YORK CITY-Thor Equities has apparently emerged as the winner in a bidding war for the Takashimaya Building at 693 Fifth Ave. Following earlier reports that the owner/developer had become the front runner to take possession of the mixed-use property, the New York Post said Wednesday morning that Thor had placed a winning bid for slightly more than $140 million. GlobeSt.com’s calls to Thor and to Takashimaya, which owns the 20-story property that houses its Manhattan retail location, were not returned by deadline.

At 97,500 square feet, 693 Fifth has reportedly fetched $1,450 per square foot. Takashimaya occupies about 37,000 square feet of the property with retail space and offices. It has occupied the space since 1993, although its Manhattan retail presence dates back to 1958.

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