Joe Sitt’s Thor Equities is in contract to buy the Scribner Building for $108.5 million. The 12-story plus penthouse building at 597 Fifth Ave. has over 12,000 square feet of retail space and approximately 58,000 square feet of offices.
Sephora is both the current anchor and retail tenant in the landmarked interior. The deal includes the adjacent building at 3 E. 48th St. and 50,000 square feet of air rights.
“The purchase of this beautiful and historic building represents a real jewel in Thor’s portfolio, and we’re excited to see how we can improve and build on this magnificent property,” Sitt, the CEO of Thor, said in a statement.
Last year Thor purchased the former Takashimaya building at 693 Fifth Ave. where Forever 21 has a temporary deal. Thor is building out 6,000 feet of retail space on the first eight floors.
The Scribner building was developed in 1912 and, along with the adjacent property, was bought in 2006 for $73.3 million by the current seller, the Kuwaiti investor, Dr. Louai Alassar’s A&A Acquisitions.