Joe Sitt’s Thor Equities is making two juicy investments in the Meatpacking District.
The retail investor is in contract to pay $55 million for an approximately 75 percent stake in the new Morris Adjmi-designed 55,000 square foot project at 837 Washington St., on the corner of 13th Street, being developed by Taconic Partners and Square Mile Capital, sources told The Post.
The companies all declined comment.
In addition, Thor is buying a new 49-year master lease for the six-story 426 W. 14th St. from its long-time owners, the New Jersey-based Benous family, who did not return a call for comment.
According to CoStar, there is no retail in the 1908 meat packing building that has six, 2,600 square foot floors totaling about 15,486 square feet.
Thor will oversee leasing of the historic but modernized 21,000 square feet of retail at the Washington Street project opposite the High Line and Standard Hotel. Taconic will manage the six-story building and handle leasing of the four-story glass and steel enclosed office space.
Taconic previously expected $75 a square foot in rents for the 34,000 square feet of offices, but that could reach triple digits when the 55,000 square foot building is completed. “The market has tightened and this (sub) market is unique,” said one real estate executive familiar with the project, who declined to be identified.
Additionally, companies like Diane Von Furstenberg and Theory have taken full buildings in the area to brand their retail as well as for their offices and showrooms, so the project’s mix could be reapportioned.
In the neighborhood, Thor also owns 446 W. 14th St., while Taconic owns the Ninth Avenue corner at 401 W. 14th St. where Apple has its store. Earlier this year, Taconic and Square Mile sold the 82,482 square foot 15 Little West 12th St. for $69 million to Steven Elghanayan’s Epic UK after Arthaus leased most of the retail.
Last year, Taconic and Jamestown sold 111 Eighth Ave. to Google for $1.77 billion and Taconic continues to manage and oversee leasing at that building which towers over the entire Chelsea and Meatpacking District.