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New York Multifamily

Thor Equities, Premier Plan 100k SF Condo Tower On Upper East Side

Photo credit: Bisnow: Scott KlocksinThor Equities founder and CEO Joe Sitt

Thor Equities and Premier Equities are planning a luxury condo building on the Upper East Side, near the recently opened Second Avenue subway.

Thor and Premier closed earlier this month on the purchase of 1297-1299 Third Ave. for $26M, the Commercial Observer reports. The two firms already own the adjacent 1293-1295 Third Ave. Premier paid $15M for that property in 2014.

The partners plan to build a 31-story, 100k SF condo tower with ground-floor retail on the site. No plans have yet been filed with the city. Altogether, the assemblage comes with development rights of just about 115k SF.

Part of the plan will be to overhaul the existing retail space at the base of the buildings. At least one retail tenant is planning to stay. [CO]

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