Thor’s “Gold Coast” retail condo short on revenues

Joseph Sitt’s big play on Madison Avenue hasn’t gone according to plan. Sitt’s Thor Equities is looking to refinance the expensive retail condo it bought at 680 Madison Avenue in 2013 at the base of former Helmsley Carlton House. But the property is operating at a net loss after the biggest tenant stopped paying rent […]

French billionaire closes on purchase of Thor’s 693 Fifth

French billionaire Marc Ladreit de Lacharrière has closed on the $525 million purchase of Thor Equities’ office-and-retail building at 693 Fifth Avenue in Midtown. The 20-story, 105,000-square-foot property between East 54th and 55th streets sold for nearly four times the price that Joseph Sitt’s Thor paid for it in 2010. Thor acquired it from Japanese […]

Thor planning huge Red Hook waterfront office complex

Rendering of Thor Equities’ planned Red Hook office and retail complex (credit: Thor) Thor Equities may be marketing a good chunk of its New York City portfolio, but the Joseph Sitt-led firm is still planning a 623,000-square-foot office and retail development on the Red Hook waterfront. The four-story, Norman Foster-designed complex will feature more than […]

Thor Equities quietly marketing chunk of NYC commercial portfolio

Joe Sitt and his buildings at 530 and 590 Fifth Avenue Joe Sitt wants to strike while the iron is still hot. Thor Equities, Sitt’s development and investment firm, is looking to sell off a sizable chunk of its prime commercial portfolio, The Real Deal has learned. Potential buyers have received set-ups on at least […]

Gulaylar plans to convert 685 Fifth’s offices into ritzy hotel

From left: Conceptual rendering of 685 Fifth Avenue and Gulaylar Group’s Mehmet Gulay The Gulaylar Group plans to convert the office component of General Growth Properties and Thor Equities’ 685 Fifth Avenue into a luxury hotel, sources told The Real Deal. International hospitality chains LVMH’s Cheval Blanc, AccorHotels and the Oetker Collection are among five […]