Thor on a Roll in NYC
- Oct 19, 2015
By Scott Baltic, Contributing Editor
Thor Equities has closed on its purchase of 180 Livingston St., a 257,000-square-foot office-and-retail property in downtown Brooklyn, the company announced late last week. The sale price was $136 million, and the sellers were Treeline Cos. (of the upper office unit, on floors 3–6) and Brooklyn Tabernacle (of the lower retail and creative office unit, or the second floor and ground and lower levels), a Thor spokesperson told Commercial Property Executive.
The building’s office space is about 71 percent occupied, also according to the spokesperson, with the majority of the space leased to the Metropolitan Transportation Authority.
“180 Livingston is ideally situated in the heart of Brooklyn’s largest business district and surrounded by such dynamic neighborhoods as DUMBO, Brooklyn Heights, and the Brooklyn Navy Yard,” Joseph Sitt, CEO of Thor Equities, said in a prepared statement.
The six-story Class A building is one block south of Fulton Mall, and MetroTech Center and a number of educational institutions and government agencies are also nearby, as are some of New York’s largest planned developments, including City Point, Pacific Park and the BAM Cultural District.
180 Livingston has 200 feet of block-through frontage to Schermerhorn Street between Smith and Hoyt streets and is within easy walking distance to 13 subway lines, 16 bus lines and the Long Island Rail Road.
The purchase represents another surge for Thor, which has been plenty active in New York over the past year or so. Last October, it and partners General Growth Properties and RXR Realty closed on a $595 million purchase of 530 Fifth Ave. in Manhattan. That deal followed Thor’s June 2014 acquisition of 685 Fifth Ave.
And along the way, Thor and development partner Taconic Investment Partners signed Samsung Electronics North America to a long-term lease for all of their building, then nearing completion, at 837 Washington St. in Manhattan’s Meatpacking District.