Harbor Group International bought a retail condo at 445 Fifth Avenue for a whopping $68 million from Thor Equities.
According to The Real Deal, beautifully located between 39th and 40th streets and facing the Stephen L Schwarzman Building, the 20,000-square-foot property is home to jewelry retailer Charming Charlie who leased the space in late 2013.
Thor paid for the condo in 2011 for $32.5 million. The firm owns several retail properties in the neighborhood, including 564-2, 530 and 520 Fifth Avenue. The avenue is home to a number of major retailers, including Lord & Taylor, Zara and Barbour.
Thor's CEO, Joseph Sitt, has felt it's the right time to sell the property, after they successfully implemented a business plan of improving retail location and securing a nationally known tenant.
This is not the first time that Harbor Group International have partnered with the private equity giant. In 2014, Thor bought a three-building portfolio from Samson Management and sold one of the buildings, 24 West 40th Street, to Harbor Group for $91 million, giving Thor a profit between $5 million to $10 million, reported The Real Deal.
Harbor Group is reportedly looking to offer a 45 percent stake in its downtown office tower, 55 Broadway. A pair of retail properties in Flatbush was purchased in June for $22 million by Harbor.
With the sale of the retail condo at 445 Fifth Avenue for $68 million to Harbor Group, Thor Equities got more than double what it paid for the property bought in 2011, as reported by Law 360.
"We continue to believe strongly in the Fifth Avenue corridor," said Joseph Sitt, CEO of Thor Equities, in a statement on Wednesday.
The property, which is near Grand Central Station, Bryant Park, Times Square and the Port Authority, has about 85 feet of frontage on the Fifth Avenue and 101 feet of frontage on 39th Street.
The property includes 4,500 square feet on a lower level, 6,500 square feet on the ground floor, and 9,000 square feet on the second level.
