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Tuesday, 12 February 2019

Thor Equities May Lose Control of Manhattan's 597 Fifth Ave.

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Crain's New York Business

Thor Equities may lose control of 597 Fifth Ave. in Manhattan after Lululemon decided to vacate its 12,229 square feet of space at the 80,032-sf office and retail building. The fitness apparel company's lease at the property expires next January, and it will move to the nearby 592 Fifth Ave., where it will occupy 20,000 sf.

If Thor cannot replace Lululemon, the New York investor could have trouble making its mortgage payments. If so, it may have to turn the building over to SL Green Realty Corp., a New York REIT that holds $25 million of mezzanine...

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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Mixed-Use, Office, Retail
  • Subject: Northeast Regional Digest (NEDIG), Property Acquisitions (ACQ)
  • Private: Yes
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Dan Moynihan

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