Thor plans massive Takashimaya revamp

One of the few unlandmarked buildings in Fifth Avenue's key retail corridor could see a major revamp in the coming months, according to the Wall Street Journal. After buying the Takashimaya building for $142 million in June, Thor Equities plans to transform the building, which sits between 54th and 55th streets, into an eight-floor retail hub. The real estate developer is set to expand 693 Fifth Avenue's retail space to 6,300 square feet, from its current level of 3,500 square feet, while also completely revamping the building's facade -- a renovation that Thor wouldn't have been able to begin had the building been landmarked. Japanese retailer Takashimaya first announced that commercial real estate services firm Jones Lang LaSalle would represent the sale of the property in April. [more]