Thor to Grow its Harlem Holdings
- Dec 08, 2015
By Scott Baltic, Contributing Editor
Thor Equities will be adding to its sizable holdings in Harlem, now that it has agreed to buy two adjacent office-and-retail buildings there for $75.5 million, the company announced Monday. The two buildings, 135 E. 125th St. and 2082 Lexington Ave., total 108,000 square feet and have 430 feet of frontage on 125th Street, Lexington Avenue and 126th Street.
The seller was DDM Development & Services, a Thor Equities spokesperson told Commercial Property Executive. The spokesperson added that the closing should take place “in a few months.”
Completed in 2001, 135 E. 125th St. is a three-story, 45,000-square-foot glass and steel building with 26,000 square feet of retail on the ground and second levels, and office space on the third floor. Its retail tenants are Raymour & Flanigan and Duane Reade.
Built in 2002, 2082 Lexington Ave. is a six-story, 63,000-square-foot building with retail on the ground floor, and office space on levels two through six. The retail tenant is IHOP, and office tenants include Sinergia Inc. and the Day Care Council of New York.
The buildings are next to the 4, 5 and 6 subway lines at 125th Street and one block from the Metro-North Railroad Harlem-125th Street Station.
“With their prime location near the new Whole Foods Market, East River Plaza and numerous public transportation options, these recently constructed buildings are in the heart of Harlem’s rapidly growing 125th Street retail corridor,” Thor Equities evp Melissa Gliatta said in a prepared statement.
East River Plaza is home to Costco, Target, Best Buy, Marshalls, Old Navy and other national retailers. Additional businesses near 135 E. 125th St. and 2082 Lexington Ave. include Gap, American Eagle Outfitters, Aldi and Joe’s Crab Shack.
Thor Equities owns several multifamily properties in the area, including 17 W. 125th St. (a five-story, pre-war apartment building with 50 units, plus 9,000 square feet of retail), 526 W. 111th St. (a six-story, 45-unit pre-war apartment building) and 98 Morningside Ave. (a seven-story, 48-unit apartment building adjoining Morningside Park).