Joe Sitt is expanding his retail empire. The developer and chief executive of Thor Equities beat out Vornado Realty Trust to buy the block-long retail space in the former Helmsley Carlton House on Madison Avenue for $277 million. The price Sitt paid could be a record breaker for Madison Avenue, but the property could prove challenging to lease, as the area has suffered in recent years. Extell purchased the Carlton House in 2010 and is currently converting the top floors to co-ops. [WSJ; previously]
Filed under:
Loading comments...