The Real Deal New York

Sitt’s Thor Residential buys Morningside Heights rental for $30M

Property at 526 West 111th St. includes 44 units

May 04, 2015 02:30PM
By Claire Moses

From left: Alan Klein, 526 West 111th Street and Aaron Jungreis

From left: Alan Klein, 526 West 111th Street and Aaron Jungreis

Joseph Sitt’s Thor Residential is in contract to buy a six-story elevator building in Morningside Heights for $30 million, The Real Deal has learned.

The roughly 43,000-square-foot rental building at 526 West 111th Street includes 44 residential units. The property comes with an additional 16,000 square feet of air rights.

The purchase is part of “continuing the strategy” of investing in buildings in the Morningside Heights and Harlem area, Thor Residential’s co-head Alan Klein told TRD. Klein said Thor will continue to keep the property a rental building.

The property had been in the same hands — the Mordowitz family was a co-owner — for many decades, property records show.

Rosewood Realty’s Aaron Jungreis was the sole broker on the transaction. He declined to comment.

In March, Thor Residential bought a 48-unit rental building at 98 Morningside Avenue for $21.6 million from Baruch Singer. That price came down to $328 per square foot for the 65,800-square-foot, seven-story building.

A month earlier, Thor bought a five-story property at 17 West 125th Street in Central Harlem for $30 million.

Thor Equities launched a residential division in October 2013, headed by Klein and Jonathan Fishman, both formerly of Stonehenge Management. In January, Thor Residential entered contract to buy a massive multifamily portfolio from the Caiola family for $800 million, as TRD reported.