Thor Plans $200M Upgrade of Former Takashimaya Building in NYC
- Jul 20, 2010
July 20, 2010
By Allison Landa, News Editor
Development and investment firm Thor Equities has closed on a deal to purchase the former Takashimaya Building at 693 Fifth Ave. in Manhattan.
Thor will now embark on a $200 million upgrade of the building. The upgrade includes a transformation of the first eight floors to all retail space and the near-doubling of the 3,500 square feet of retail on the ground floor. The building’s existing granite façade will also be replaced with glass. Floors nine through 20 will not be involved in the renovation.
The firm will act as its own leasing agent, pursuing domestic as well as international tenants. The new tenant will have exclusive naming rights for the building. Renovation will begin in fall and is slated for completion in late spring 2011.
“As the old saying goes in real estate, location is everything, but that is just one of the reasons that this is such a special building,” Thor president Joseph Sitt said when announcing the news. “We have some very interesting plans for 693 Fifth Ave. that will be extremely conducive for a major retailer looking to put its stamp in Manhattan.”
Thor works in urban real estate development, leasing and management, and is also a leasing agent for many of its buildings.