The Real Deal New York

Joe Sitt’s Thor buys another UWS rental – this time for $37M

Deal is fourth in the area for firm’s fledgling resi division

September 23, 2014 04:35PM
By Hiten Samtani

From left: Joseph Sitt, 840 West End Avenue on the Upper West Side and Steven Vegh

From left: Joseph Sitt, 840 West End Avenue on the Upper West Side and Steven Vegh

UPDATED, 10:30 a.m., September 24: Joseph Sitt’s Thor Equities just picked up a rental building on the Upper West Side for $37.4 million, The Real Deal has learned. The deal for the 47,800-square-foot property at 840 West End Avenue comes with 13,000 square feet of unused air rights, and is the fourth acquisition in the neighborhood for Thor’s new residential division.

In 2003, the seller, Arbor Management, paid $13 million for the six-story, elevator property, which has 39 residential units and two medical offices. The one-and-two-bedroom residential units were asking rents of between $2,200 and $3,500 a month in 2013, according to StreetEasy. Net operating income at the property in 2011 was $830,000, according to property income data analyzed by Genesis Computer Consultants.

Westwood Realty Associates’ Steven Vegh was the sole broker on this most recent transaction. Vegh couldn’t be reached by press time. Sitt said in a statement that “with its picturesque location on tree-lined 101st Street and elegant architecture, 840 West End Avenue is a classic Upper West Side pre-war property.” 

Sitt, one of the city’s biggest retail players and the CEO of brokerage Town Residential, formed Thor Residential in October with Stonehenge Partners alums Alan Klein and Jonathan Fishman. In March, Thor Residential partnered with GreenOak Real Estate on the $85 million purchase of two rental buildings on Riverside Drive, as TRD reported. Two months later, it paid $67 million for a rental building at 838 West End Avenue. Vegh also brokered those transactions.

  • ewing

    he needs his head examined

    • ewing

      because its a sub 2 cap

      • Hasan

        Are you sure?

      • TomDNY

        The bet is likely on appreciation or condo conversion, not cap rate. Still crazy money. Sooner or later the crazy prices will come crashing down and somebody who made these bets will be a big loser

        • Hasan

          Exactly, can’t even believe we’re talking about cap rate. Plus, the $830k NOI was in 2011.

      • jaydub

        OPM!

  • Koseh nanat

    Why?

  • RE Watch

    Vegh! your killing it

    • moneytalks

      The next Jungreis.

  • Jayt9

    Wtf ? This guy just throwing money away. Confused

  • chanp

    Mr Sitt. Please stay away from the UWS.. You’re greedy hands are in too many projects -= You destroy communities

  • johhny

    jayt9…you were confused before the article came out

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