NEW YORK CITY — Thor Equities has acquired 693 Fifth Avenue in Manhattan, also known as the Takashimaya Building, and plans to reposition the property with a significant retail component. The acquisition and the renovation are expected to cost Thor approximately $200 million.
The 20-story building currently contains a mix of retail and commercial tenants. Chief among Thor's renovation plans is the transformation of the building's first eight floors into a luxury, flagship retail space. The ground floor of the building will be expanded from 3,500 to 6,000 square feet, and it's granite façade will be re-clad in glass up to the eighth floor. Floors nine through 20 will remain unchanged.
Construction is expected to begin this fall and be complete by late spring 2011. Thor will be acting as its own leasing agent for the retail space. As part of its package, Thor is offering naming rights to the building.
“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,” said Joseph Sitt, president of Thor Equities, in a statement. “We have some very interesting plans for 693 Fifth Avenue that will be extremely conducive for a major retailer looking to put its stamp on Manhattan.”
— Coleman Wood