New York – December 2020 – Thor Equities Group, a global leader in urban real estate development, leasing and management, has announced the sale of 164 Fifth Avenue, a building on Manhattan’s prime Flatiron retail corridor between 21st and 22nd Streets, for $40 million.
Currently fully leased to Alo Yoga for 15 years with the lease term expiring in 2034, 164 Fifth Avenue offers six levels of retail space. The building is suitable for multiple tenant scenarios, with 3,500 SF on the ground floor, 3,500 SF on the lower level, 1,600 SF of mezzanine space, 3,100 SF on the second and third floors and 2,800 SF on the fourth floor. This is Alo Yoga’s third store in New York and the lifestyle brand recently announced the arrival of Sutra, new restaurant also at 164 Fifth Avenue, with celebrity chef Matthew Kenney, a pioneer in plant-based cuisine with more than 40 restaurants on five continents.
According to Joe Sitt, Chairman of Thor Equities, “164 Fifth Avenue has been the long-time home to world-renowned retail brands that benefit from premier Fifth Avenue visibility. We are pleased to announce this successful sale of one of our well-known Fifth Avenue landmark assets.”
164 Fifth Avenue offers retailers visibility on a prime Fifth Avenue block, amid the most prestigious and sought-after global brands. With a unique mix of luxury and trendiness, the Flatiron Shopping District is among New York’s most exciting and highly trafficked neighborhoods and Fifth Avenue is widely recognized as the top shopping street in the world. Lower Fifth Avenue is an unrivaled destination, offering a wide array of elite retail names, including Madewell, Nike and Arc’teryx, which recently leased space at Thor’s 139 Fifth.
ABOUT THOR EQUITIES GROUP:
Thor Equities is a leader in the development, leasing and management of office, industrial, laboratory, residential, hotel and mixed-use assets in premier urban locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 18 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.