The rush for prime real estate in Fulton Market continues to tighten. Thor Equities is spending up to $50M in the district and betting Fulton will become the next hot retail area.
Fulton Market was a seller's market last year as the owners of meatpacking plants and warehouses have cashed out. Sterling Bay and Shapack Partners led the charge, and other developers have taken notice. Tucker Development paid $52M for 11 buildings in the area. McCaffrey Interests bought a poultry processing plant on Fulton, and Madison Capital paid $26M for four buildings in the area.
Thor Equities' local investments include the Palmer House Hilton and Oak Street retail. Its largest deal on the table, according to Crain's, is a $37M offer for three buildings and a parcel of land owned by John R. Morreale Meat Co. [Crain's]
