Thor Equities

The 9/11 Tribute Museum might be closing its doors

Google Street View of the 9/11 Tribute Museum in October 2017; Map data © Google

November 11, 2019

The 9/11 Tribute Museum might be closing its doors

Google Street View of the 9/11 Tribute Museum in October 2017; Map data © Google The 9/11 Tribute Museum—perhaps “overshadowed” by the better-known Memorial Museum just a few blocks away—might be closing its 92 Greenwich Street location, as Crain’s reports. Real estate investment firm Thor Equities has placed the museum's three-story space on the market for $30 million. It’s not yet clear whether the museum will close down completely or be able to relocate.
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Events & Things To Do

February 19, 2019

Plans for Norman Foster’s Red Hook office complex may be kaput

By Alexandra Alexa

According to sources close to the project, plans for Norman Foster’s Red Hoek Point, a 7.7-acre commercial campus at the former Revere Sugar Factory on the Red Hook shoreline, appear to be getting scrapped, The Real Deal reports. The website still advertises the “revolutionary office campus on the Brooklyn waterfront,” but Thor Equities is reportedly going to abandon the 800,000-square-foot complex and replace it with warehousing, a change of course that Thor’s founder Joseph Sitt may have been considering as early as last October, as new renderings for Red Hoek Point were being developed.
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December 19, 2018

New renderings of Norman Foster’s Red Hook office complex reveal green roofs and courtyard

By Alexandra Alexa

Construction on Norman Foster’s Red Hoek Point, a 7.7-acre commercial campus at the former Revere Sugar Factory, started in October and this week new renderings of the future office complex were released, as CityRealty first reported. Developed by Thor Equities and designed by Foster + Partners with SCAPE Landscape Architecture, the complex will be composed of two five-story buildings that will hold a combined 795,000 square feet of office space on three levels and 23,000 square feet of retail and restaurant space on the ground level. The new views provide the first look at the nearly four acres of green roof space, including walking and jogging paths and landscaping to mitigate stormwater runoff.
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December 5, 2016

As Red Hook’s Norman Foster office complex plans move forward, local residents want more input

By Michelle Cohen

In October 6sqft reported that work on Thor Equities' 7.7-acre waterfront office and retail complex, architect Norman Foster‘s first Brooklyn commission, had begun. A recent meeting between the developers' representatives and community members to discuss plans for the 818,000-square-foot two-building project on the former site of Red Hook’s Revere Sugar Refinery–known as Red Hoek Point–revealed concerns that the Red Hook community is being excluded from development plans.
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October 19, 2016

Work begins on Norman Foster’s Red Hook office project, will be the continent’s largest timber structure

By Dana Schulz

After revealing plans in June for Norman Foster's first commission in Brooklyn, Thor Equities now announces that work has commenced on Red Hoek Point, the 7.7-acre waterfront office campus. The press release also brings news that the project's two buildings, totaling 818,000 square feet, will become "the largest new heavy timber structure in North America."
More details ahead

August 10, 2016

Norman Foster’s First Brooklyn Project Dubbed Red Hoek Point, Gets New Rendering

By Dana Schulz

In June, 6sqft revealed renderings of Norman Foster's first commission in Brooklyn, the waterfront complex from Thor Equities planned for the former Revere Sugar Factory site in Red Hook. The sole rendering showed "his signature mix of contemporary panache (glassy construction with a cantilevering portion) and contextual thoughtfulness (low-scale, boxy structures in keeping with the industrial area)." Now, a second rendering comes to us via Curbed, which shows off the structure's "undulating penthouses and combined 3.6 acres of green roof." They've also noted that the project has an official website, leasing is underway, and it's been dubbed Red Hoek Point, a play on the area's Dutch name Roode Hoek from the 1600s.
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June 7, 2016

Another Luxury Development May Rise on Billionaires’ Row

By Diane Pham

Crain's reports that another prime piece of property will soon be changing hands, putting 126,000 square feet of development rights in play. The Steinberg family last month made an agreement with commercial developers Thor Equities and General Growth Properties to sell neighborhood fixture Lee's Art Shop's four-story structure at 220 West 57th Street for $85 million, a deal that is expected to close this month. It is not yet clear what the developers plan to do with the landmarked building, but what is known is that the property comes with the right to build atop the historic structure—itself boasting 21,837 square feet on a sizable 8,400-square-foot lot.
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New Developments

June 1, 2016

Norman Foster’s First Brooklyn Project Revealed, A 7.7-Acre Red Hook Office Development

By Dana Schulz

Back in 2005, the Joesph Sitt-led Thor Equities spent $40 million on a vacant, 7.7-acre parcel of land in Red Hook that juts 700 feet into the Erie Basin, between the Ikea parking lot and the Fairway. Preliminary visions for the former Revere Sugar Factory site included retail, office space, and residential buildings, but according to a press release sent out today by Thor, there will be no housing. Today's major announcement, however, is the architect selection: Norman Foster will helm the design of the new waterfront office complex, which will "include two heavy timber frame buildings totaling more than 600,000 square feet of creative office space, and 23,000 square feet of retail and restaurant space." Foster is a surprising choice for the project, as his commissions are typically flashy and in high-profile areas like Midtown or the Financial District. In fact, this will be his first building in Brooklyn. But the sole rendering shows his signature mix of contemporary panache (glassy construction with a cantilevering portion) and contextual thoughtfulness (low-scale, boxy structures in keeping with the industrial area).
More details ahead

April 20, 2016

Thor/General Growth File Permits to Add New Office Space Atop Fifth Avenue’s Upcoming ‘Coach House’

By Ondel Hylton

Part of its overall marketing plan to reinvent itself, Coach has leased space at 685 Fifth Avenue for a new flagship location to be called "Coach House." As outlined in new DOB filings and renderings, the luxury retailer will occupy a three-story corner portion at the base of the building, amounting to 23,400 square feet. As part of the property's transformation, floor area from the lower levels will be removed and redistributed to the top of the 20-story building, providing five new floors of office space and raising the building's height from 227 feet to 292 feet.
Watch the marketing video for the project

New Developments

August 27, 2015

REVEALED: First Look at Thor Equities’ Retail Jewel Box in Williamsburg

By Ondel Hylton

Last August, Joseph Sitt's Thor Equities purchased a string of Williamsburg properties for nearly $22 million with the intent of replacing the gritty row with a 10,000-square-foot retail jewel box. Now, Thor's website gives us our first look at what the prime property at the southeast corner of Berry and North 6th Streets may hold. The two renderings presented of 124-136 North 6th Street reveal a sleek, two-story building clad in brick and glass that could potentially house a half-dozen boutique retailers. According to the Observer, who first reported the deal last October, Thor is seeking a retail showroom and/or restaurant tenants. Above the spaces, the building may be topped with a gardened roof deck enclosed in trellises.
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New Renderings for 212 Fifth Avenue Show a Whimsical Top-Floor Restaurant and Enormous Clock

By Ondel Hylton

With the debut of their newly-sharpened website, the visual-realization whizzes at AJSNY are seeking to steal some Apple Watch buzz with this stunningly whimsical rooftop addition atop the now-under-conversion 212 Fifth Avenue in Nomad. The conceptual vision, designed by the rendering team themselves, shows a bronze-clad, multi-story addition wrapped with sinuous ribbons framing an enormous south-facing clock. Below the steampunk-esque penthouse, AJSNY depicts a standard condo-conversion affair of open layouts and double-height spaces for the 1913 neo-medieval tower. The team's images also give us an idea of what the official owners–Madison Equities, Thor Equities, and Building and Land Technology–have in mind for this quintessential Manhattan address. The scheme is not official or approved, but it certainly is creative.
More details on the proposed design ahead

March 6, 2015

REVEALED: Massive Mixed-Use Development at Red Hook’s Revere Sugar Factory Site

By Ondel Hylton

The housing-design experts at Magnusson Architecture and Planning (MAP) have hashed out a feasibility study to redevelop the Revere Sugar Factory site in Red Hook with a 1.7 million-square-foot development to include more than 900 apartments, 250,000 square feet of retail, and 400,000 square feet of parking. The six-acre site at 280 Richards Street is owned by the Joesph Sitt-led, Thor Equities, who purchased the parcel back in 2005 to the tune of $40 million, according to the New York Observer. The vacant parcel juts out 700 feet into the Erie Basin, and sits between the Ikea parking lot and the Red Hook Stores building home to Fairway Supermarket (and Michelle Williams, of course). Though MAP's rendering date back to 2007, they have yet to be publicized, and we have the first look here.
More information on the project here

February 25, 2015

Is 212 Fifth Avenue the Ultimate Manhattan Address?

By Dana Schulz

That's what developers of a new condominium at 212 Fifth Avenue are hoping. The prestige of Fifth Avenue is world-famous (it also adds a 5- to 10-percent premium to the price of an apartment), and as anyone who was around back in the days of analog phone exchanges knows, 212 is synonymous with Manhattan. Reporting on the "New York-iest address," the Daily News mentions how even "Seinfeld"'s Elaine steals her dead neighbor's 212 phone number after she gets changed to a 646 area code. "The bearer of a 212 phone number looks like a longtime New Yorker. It's the ultimate luxury accessory," the paper says.
Is all the fuss justified?

Real Estate Trends

October 20, 2014

Real Estate Wire: Forest City Selling Their Stake in Barclays Center; Re-zoning for One Vanderbilt Certified

By Diane Pham

Forest City Enterprises is putting its 55% stake in Barclays up for sale. [Brooklyn Eagle] The Department of City Planning certified a five-block rezoning application today for a stretch of Vanderbilt Avenue near Grand Central Terminal that includes SL Green’s One Vanderbilt tower. [CO] Mayor Bill de Blasio has rejected JPMorgan Chase’s request for $1B in […]

Real Estate Trends

August 15, 2014

Real Estate Wire: Sales Launch at the Soori High Line Condos; Crown Heights Rents See a Spike

By Diane Pham

Sales have launched at the Soori High Line condos. Three of the building’s 27 units are currently listed, and two of them have heated pools. The cheapest, pool-less unit is asking $3.7M; and the steepest, which comes with a 24-foot-long pool, is asking $10.995M. [Curbed] Rents in Crown Heights have jumped 17.5% in a year. [Brownstoner] […]

Real Estate Trends

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