From left: 639, 590 and 530 Fifth Avenue in Midtown and Joe Sitt
Joseph Sitt’s Thor Equities is looking to sell a handful of office and retail properties on Fifth Avenue.
The developer is marketing 693 and 590 Fifth Avenue, along with the retail portion of 530 Fifth Avenue, which it owns in a join venture with Scott Rechler’s RXR Realty and General Growth Properties, a mall-focused real estate investment trust.
Thor could make as much as $600 million for the two properties it solely owns, Bloomberg reported, citing sources with knowledge of the company’s plans.
Sitt’s firm bought the 101,000-square-foot 693 Fifth Avenue, home to a Valentino location, in 2010, for $142 million. It picked up the 82,000-square-foot 590 Fifth Avenue, which houses the NBA store, for $90 million in 2007.
Thor and its partners bought the 500,000-square-foot office and retail tower at 530 Fifth Avenue for $595 million in 2014. Only the building’s 100,000-square-foot retail portion is currently on offer.
The sales come amid murmurs of a slowdown in the commercial real estate market. The Blackstone Group’s Jonathan Gray said last week that returns on investment in the sector were falling, hit by international volatility and tighter lending. [Bloomberg] – Ariel Stulberg