The Real Deal New York

Joe Sitt’s Thor pays $181M for Murray Hill rental

Acquisition of 30 Park Ave. is firm's biggest residential deal yet

December 08, 2014 07:52PM
By Hiten Samtani

Joe Sitt and 30 Park Avenue (Building photo credit: CityRealty)

Joe Sitt and 30 Park Avenue (Building photo credit: CityRealty)

Joseph Sitt’s Thor Equities is making its biggest residential deal yet, paying $181 million for a rental building at 30 Park Avenue in Murray Hill, The Real Deal has learned.

The 236,000-square foot property, located between East 36th and East 37th streets, has 241 residential units. Roughly 20 percent of those units are rent-regulated, according to a source familiar with the deal. The building also has about 35,000 square feet of commercial space. Thor has the option of converting the building into condominiums, according to the source, and is potentially scoping out capital partners.

The seller is an entity listed as WM 30 Park LLC, which looks to be associated with asset management giant BlackRock and California pension fund CalPERS. BlackRock and CalPERS paid Bill Rudin’s Rudin Management $97 million for the property in 2005.

It is unclear which brokers, if any, were involved in the deal. Representatives for Thor couldn’t be reached for comment by press time. Thor, which is looking to become a major force in the city’s residential market, recently acquired 840 West End Avenue on the Upper West Side for $37.4 million, and did an $85 million deal for two rental buildings on Riverside Drive.

  • Brian Hughes

    $751,000 Per unit…. picking up a lot of property Joe! Would love to help you rent these babies out

    • Citi Bike a-go-go

      I have some news for you, those aren’t babies.

      • patmgee

        I have news for you, 20% is rent regulated

        • john

          This means theres plenty of Juice.

          • Brian Hughes

            more than plenty.

  • Condos?

    Wow, what a great deal, these will sell fast as condos!

  • Where Sitt goes , danger is not far behind- SITT is a greedy arse and destroyed communities- I hope he goes bankrupt when this bubble bursts

    • Brian Hughes

      please elaborate with your evidence not based on personal opinion. he’s making big moves.
      You must work for TOWN

  • David Lohr

    Hilary Clinton is very strict with Dwarf sized Robert Reich.

  • David Lohr

    Bill Cosby is innocent according to OJ Simpson, who claims he is very close to
    capturing the Columbians who killed Ron & Nicolle.