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Thor Nearly Makes Record on Retail Buy

NEW YORK CITY-The company acquires a block-long span on tony Madison Ave. for about $277 million.

By Rayna Katz | Updated on January 02, 2013

NEW YORK CITY-Thor Equities has closed on its purchase of the retail space at 680 Madison Ave., the landmark Carlton House, the company announced Wednesday in a press release. The firm clearly is bullish on consumer spending, since the purchase price is among the highest total prices ever paid for a retail property on the street, according to the Wall Street Journal.

Thor’s founder and CEO Joseph Sitt, a noted retail landlord in upscale and trendy shopping areas such as SoHo and the Meatpacking District, beat out Vornado Realty Trust on the buy, the Journal reports. The latter firm allegedly offered to buy at $280 million but negotiations on the deal fell apart, the paper says.

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