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On Market for 10 Years, UES Townhouse Cuts Price Again

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Joe Sitt with 60 East 66th Street in Thor Equities (Thor Equities Group, Leslie J. Garfield & Co)

The ancient Greek epic “Odyssey” records a decade-long journey from the Trojan War. In this war, its fame is delayed by giants, sea monsters, and vengeful gods.

Thor Equities wasn’t too bad, but its quest to sell Lennox Hill’s townhouse set a similar milestone.

Ten years ago, when Thor first listed its six-story home on 60 East 66th Street, its portfolio company, Town Residential, was one of Manhattan. Top 10 Home BrokerageIts chairman Joe Sit Buy retail space Fifth Avenue and 15 Central Park West penthouses set city records when they sold for $ 88 million.

There have been many changes since 2012. Town Residential has collapsed, Thor’s Fifth Avenue portfolio has shrunk to two properties, and the city’s home sales record has nearly tripled to $ 238 million. Still, one constant remains: Thor is still looking for buyers on 60 East66th Street.

The house was recently relisted by townhouse specialist Leslie J. Garfield for $ 13.8 million from the original asking price. $ 20.8 million 10 years ago.

Records show that Thor bought the property for $ 9.2 million in 2010. This was two years before it first went public in town for more than twice that amount. By 2017, demand had dropped to $ 18 million and the list included Matthew Lesser of current agent Leslie J. Garfield. The house was divided into 10 apartments, 8 of which were rented at the time.

Currently, about 10,000 square feet of property is vacant and we hope to help Lesser eventually move. Despite the inclusion of rental units, the property has been sold primarily because it can be converted into a single-family home.

“Our market is efficient. If prices are too high, we usually sit down,” says Lesser.

The city’s townhouse market has been particularly strong in recent months, Fort greene When Hudson Square Set a record for your neighborhood.But in the Manhattan luxury market Showed signs of slowdown this summer, And their record property was the turnkey building. According to Lesser, Thor’s asking price on East 66 Street represents the premium mandated by the newly refurbished home. The price is $ 1,400 per square foot, but similar refurbished products sell for nearly $ 3,000 per square foot.

When asked why Thor chose not to refurbish the building before it was relisted, Lesser said, “I’m happy to give them that suggestion.”

“It’s not their business model,” he added. “They rather want to use their capital and capital elsewhere.”

Melissa Jatta, Chief Operating Officer of Thor, said the company was “approached by a few interested homebuyers.”

“Our expertise recognizes that the most favorable opportunities for us are in the areas of logistics and life sciences, and we want to continue to fully focus on the other classes we are involved in. “We do,” said Giatta.

Thor has faced portfolio challenges in recent years.Lost a commercial condo on the base of Midtowns Row NYC Hotel In April, and Facing a foreclosure auction At 1,600 major hotels in Chicago.

Despite these issues, Thor has a large portfolio ranging from Central America to Europe. That website With a 50 million square foot development pipeline valued at over $ 20 billion, Giatta said the company plans to increase its investment in logistics and life sciences facilities in the future.

Earlier this week it was announced $ 85 million transaction For a refrigerated warehouse leased to Anheuser-Busch, Los Angeles County.

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