NEW YORK CITY—Thor Equities just more than doubled its money on a retail condominium in Midtown.
The prolific developer and investor has agreed to sell the 20,000-square-foot space at 445 Fifth Ave. to Harbor Group International for $68 million. Thor purchased the property in 2011 for nearly $33 million.
The firm recently signed women's contemporary jewelry and accessory retailer Charming Charlie to the majority of the building's retail space on the first and second floors, after purchasing the 20,000-square-foot property.
HGI declined to comment on its purchase. The trade was brokered by Richard Baxter of JLL.
“We continue to believe strongly in the Fifth Avenue corridor,” says Joseph Sitt, CEO of Thor Equities. “However, we felt the time was right to sell this property, after successfully implementing our business plan of improving a prime retail location and securing a nationally recognized tenant.”
Located near Bryant Park, 445 Fifth Ave. is surrounded by retailers such as Lord & Taylor, Zara, BCBG Max Azria and Elie Tahari, and it is close to Grand Central Terminal, Penn Station, Port Authority and Times Square.
Thor owns properties all along Fifth Avenue, including 693 and 685 Fifth Ave. in the Plaza District; 597, 590, 564, 562, 530 and 520 Fifth Ave. in Midtown; and 172, 164 and 139 Fifth Ave. in Midtown South.
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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.
