Transactions - MAY 6, 2014

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Thor pays $485m for Manhattan office

by Andrea Waitrovich

Thor Equities has purchased the Gucci Building in Manhattan for approximately $485 million, or $4,205 per square foot. The seller was Gucci America.

Thor will be renovating the property, located at 683–685 Fifth Ave., and has plans to sell a 50 percent interest after the transaction is completed.

The 115,330-square foot, 20-story office was built in 1926. It is 100 percent occupied. Major tenants include Gucci and Diesel.

Thor has been actively investing in new assets around New York City, purchasing assets totaling $249.1 million in sales price thus far this year, according to data from Real Capital Analytics.

The second largest asset the firm purchased this year following the Gucci Building acquisition was the 69-unit apartment complex at 838 West End Ave., which was acquired from Zauderer Realty Associates f

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