Thor Equities

685 Fifth Avenue

New Developer to Construct Five-Story Office Expansion Atop 20-Story Commercial Building at 685 Fifth Avenue, Midtown

1:00 pm on April 29, 2016 By Reid Wilson

Earlier this week, YIMBY reported on applications to expand, by five stories, the 20-story, 115,000-square-foot multi-use commercial building at 685 Fifth Avenue, located on the corner of East 54th Street in Midtown. It was previously reported that Michael Shvo was in contract to acquire, from property owners General Growth Properties and Thor Equities, 90,000 square feet of office space (the entire office portion). That deal has since fallen through, and now, Gulaylar Group is in contract for the office space, according to The Real Deal. As part of the deal, the new owner will also develop the five-story office expansion. The sale is expected to close later this year. The lower portion of the building is currently undergoing a retail redevelopment. Its 23,400 square feet was leased to Coach in February and will become the retailer’s flagship store.

685 Fifth Avenue

Redesigned Retail Space, Five-Story Office Expansion for 20-Story Commercial Building at 685 Fifth Avenue, Midtown

10:00 am on April 25, 2016 By Reid Wilson

General Growth Properties and Thor Equities have filed to expand, by five stories, the 20-story, 115,000-square-foot multi-use commercial building at 685 Fifth Avenue, located on the corner of East 54th Street, in Midtown. The property’s commercial square footage – 109,543 square feet – will remain the same, because a portion of the space on the lower levels will be utilized to build the vertical expansion. As a result, the structure will see an increase in height from 227 feet to 292 feet. Coach has already secured a lease to take 23,400 square feet of retail space on the first few floors for its new flagship store, The Real Deal reports. Midtown South-based Marin Architects is the architect of record. In June of 2014, GGP and Thor acquired the building for $460 million, and it was reported last November that Michael Shvo is in contract to acquire the building’s existing 90,000 square feet of office space for north of $100 million. It doesn’t appear the future office space on floors 21 through 25 was part of the deal with Shvo.

529 Broadway

Construction Wraps on Six-Story, 44,000-Square-Foot Retail Building at 529 Broadway, SoHo

6:00 am on March 24, 2016 By Reid Wilson

In September of 2013, the Landmarks Preservation Commission (LPC) approved the design for a six-story, 44,243-square-foot commercial-retail project at 529 Broadway, located on the corner of Spring Street in SoHo. The site, along with much of the neighborhood, is located within the SoHo-Cast Iron Historic District, which means projects are subject to LPC approval. Construction at the building, technically an expansion of an existing two-story structure, is now wrapping up, as seen in photos by Tectonic. The new structure has already received a majority of its curtain wall and work is likely now focused on the interior. When it opens later this year, the entire building will be leased as retail space. BKSK Architects designed the building, and Aurora Capital Associates, Wharton Properties, Thor Equities, and the Adjmi family are the developers.

25 Mercer Street

Five-Story, Five-Unit Residential Conversion Planned At 25 Mercer Street, SoHo

11:00 am on January 26, 2016 By Reid Wilson

The five-story mixed-use building at 25 Mercer Street and the three-story property at 27 Mercer Street, located in the SoHo-Cast Iron Historic District, are expected to be converted into a single five-unit condominium building, according to Curbed NY. There will be four full-floor units and a duplex penthouse, and the residences are expected to hit the market this spring. GDS Development is developing and Fogarty Finger is designing the project, dubbed 25 Mercer. Alterations that would go into the conversion would have to be approved by the Landmarks Preservation Commission since the property is located within a historic district.

212 Fifth Avenue clad in scaffolding

Touring the Under Construction Condo Conversion at 212 Fifth Avenue, Flatiron District

8:00 am on December 7, 2015 By Rebecca Baird-Remba

The Neo-Gothic high-rise at 212 Fifth Avenue has occupied a wedge-shaped plot just north of Madison Square Park since 1912. It once held furniture and garment manufacturers, who had their offices on the upper floors and massive showrooms on the lower ones. Now, Madison and Thor Equities are converting the 24-story building to condos, and they’re restoring the landmarked limestone facade and cornices in the process. YIMBY recently toured the property and got a close-up look at the restoration.

Read More
Fetching more...