Hotel Companies Want to be Part of Manhattan Project

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Published on 06/12/11 - Updated on 17/03/22

Thor Equities Plans Megaproject That Will Include Retail, Residential, and Hospitality.

The Wall Street Journal reports that a new development project in New York City might see the light of day on Fifth Avenue (see illustration above).Financing for the project is still in the works.The WSJ reports that Thor Equities will purchas three connected buildings from developer RFR for an undisclosed sum.The WSJ states, "Thor plans to raze the properties and erect a glass box structure that will be the retail base for a 350,000 square foot building. Joseph Sitt, chief executive officer, said the firm is already in discussions with hotel companies and residential developers to team up with Thor or buy pieces of the project.Financing for the project is still in the works.

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