Thor Equities Closes on Manhattan’s 685 Fifth Ave.
Thor Equities has closed on its purchase of 685 Fifth Ave., at the corner of Fifth Avenue and 54th Street in Manhattan.
By Scott Baltic, Contributing Editor
Thor Equities, of New York, has closed on its purchase of 685 Fifth Ave., at the corner of Fifth Avenue and 54th Street in Manhattan, the company announced Monday.
“Fifth Avenue’s reputation of exclusivity and affluence persists as top global brands continue to seek out locations for dominant, state-of-the-art luxury retail stores,” Melissa Gliatta, executive vice president of Thor Equities, said in a release.
The building comprises 134,215 square feet of luxury retail and prime office space in four floors of retail space and 19 floors of office space and features 185 feet of total retail frontage on 53rd and 54th streets.
Gucci and Diesel are among the retail tenants at the building, which was completed in 1926.
Thor declined to release any further information on the transaction, but about 10 days ago Therealdeal.com reported that Thor was partnering with General Growth Properties to buy the building from Gucci for more than $475 million.
This transaction comes close on the heels of the June 19 news that Thor Equities, General Growth and RXR Realty plan to buy 530 Fifth Ave. for $595 million from Murray Hill Properties, Jamestown, Rockwood and Crown Acquisitions.
Thor already has a strong presence on Fifth Avenue, owning the buildings at 139 Fifth Ave., 520 Fifth Ave. and 693 Fifth Ave.
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