Oak Street Barneys Building Sold for $154 Million
By DNAinfo Staff on June 13, 2013 2:37pm
DOWNTOWN — The building on Oak Street that serves as home to the upscale retailer Barneys New York has reportedly been sold for $154 million.
The building at 15 E. Oak St. had been owned by Israeli real estate developer Property and Building Corp. since 2011, when it was purchased for $122 million, according to Reuters.
Bloomberg reported that the building was purchased by Thor Equities LLC, owner of the Palmer House Hilton hotel and four properties on South State Street.
In addition to the retailer, the building is also the site of the restaurant Fred's Chicago.
Thor Equities is headed by Joseph Sitt, the founder of the women's clothier Ashley Stewart. Sitt's Thor Equities, oversees a real estate portfolio the company says is worth $5 billion.
Sitt purchased the Palmer House eight years ago and spent $131 million renovating the historic structure built in 1873 and touted as the nation's oldest hotel in continuous operation.
Crain's reported in May that Sitt was looking to sell the hotel at 17 E. Monroe St. for as much as $500 million. At 1,600 rooms, it is the second-largest hotel in the city, after leader Hyatt Regency Chicago on Wacker, with 2,000 rooms.