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545 Madison Avenue: City Council approves Rikers plan

By  Janaki Chadha | 10/18/2019 10:01 AM EDT

BOOTED OUT — “Thor Equities loses Madison Avenue building,” by Crain’s Daniel Geiger: “It’s over for Joe Sitt at 545 Madison Ave. The landlord behind Thor Equities, who controlled the 17-story, 140,000- square-foot office and retail building through a ground lease, was booted Tuesday as the building’s operator, losing his multimillion-dollar investment in the property in the process. Marx Realty, the building’s underlying owner, is taking it over and renovating it in the style of other successful property makeovers it has completed in recent years.

‘We want to infuse this building with the kind of hospitality vibe that we have done in our other buildings,’ said Craig Deitelzweig, president and CEO of Marx Realty.”

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