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Thor Equities, which is in the midst of unloading a huge chunk of its retail assets, has teamed up with Chicago-based General Growth Properties—one of the biggest retail REITs in the country—on the purchase of the landmarked Lee’s Art Shop building at 220 West 57th St.
The Steinway family will get $85M for the stately, four-story building. Just what will go in the building’s 126k SF of development rights hasn’t been disclosed., Crain's reports.
That said, when you factor in the area’s boost to retail with things like the flagship Nordstrom location on its way, and the recently opened Turnstyle development in the Columbus Circle Subway station, the smart money bets it’ll probably involve the selling of goods.
And the retail prowess of the new joint ownership means it’s a near-certainty that high-end retail will find a home at the property. [Crain’s]
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