NEW YORK CITY—Thor Equities is reportedly under contract to sell a Fifth Avenue parcel, in Midtown, for $275 million, two people with knowledge of the agreement told Crain's New York Business, giving Thor nearly double what it paid for the land in 2011.
Ceruzzi Properties, a Fairfield, CT-based real estate investor, is the buyer of the 300,000-square-foot site at 520 Fifth Ave., revealed the two sources, who asked not to be identified because the deal is private. Ceruzzi's holdings here include the Upper East Side building that housed the notorous Elaine's restaurant. The firm could not be reached for comment.
Thor was represented by HFF. Representatives for Thor and HFF declined to comment to GlobeSt.com by press time.
The site, between 43rd and 44th streets, was left vacant since 2011 when Thor founder and CEO Joseph Sitt demolished two pre-war buildings he acquired on the site. In December, the developer filed plans with the city to build a 71-story retail, hotel and residential glass tower. The new owners intend to go forward with Thor's design, one person with knowledge of the agreement tells Crain's.
Driven partly by an influx of foreign investors, land values around town are soaring, allowing owners such as Thor to capitalize on recent acquisitions. seeking a haven is helping push up prices. One of Ceruzzi's partners on the Fifth Avenue project, in fact, is a Chinese firm, according to the original story's sources.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
