Manhattan Fifth Avenue Properties Up for Sale in Test for Market
- Sitt's Thor said to be taking bids for 693 and 590 Fifth
- Thor and General Growth said selling retail part of 530 Fifth
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Three properties on Fifth Avenue in midtown Manhattan are coming up for sale, providing a test for the biggest U.S. commercial real estate market amid signs that a six-year boom in prices is coming to an end.
Joseph Sitt’s Thor Equities is seeking bids for office-and-retail buildings at 693 Fifth Ave. and 590 Fifth Ave., according to three people with knowledge of the matter. They are expected to fetch about $600 million combined, two of the people said. A third property, the retail portion of 530 Fifth Ave., is being sold by Thor and partner General Growth Properties Inc., according to the people, who asked not to be identified because the process is private.