The Real Deal New York

Joe Sitt buys two East Harlem retail properties for $75.5M

The six-story and three-story buildings total 108,000 square feet

December 07, 2015 08:30AM

From left: Joseph Sitt and 2080 Lexington Avenue

From left: Joseph Sitt and 2080 Lexington Avenue in Eart Harlem

Joseph Sitt’s Thor Equities continues its push into Harlem, picking up two Lexington Avenue retail properties for $75.5 million.

The larger building, at 2082 Lexington Avenue, stands six stories and encompasses 59,000 of space. It’s currently home to an IHOP restaurant, as well as office space for community organizations.

The three-story, 44,000-square-foot 2080 Lexington Avenue holds a Duane Reade pharmacy, as well as a Raymour & Flanagan furniture story.

Eastdil Secured’s Adam Spies and Adam Doneger represented the seller, DDM Development and Services, the New York Post reported.

DDM also developed the two buildings, known as Gateway I and II, which were completed in 2011.

Sitt has been expanding in Harlem all year. In May, he bought the 43,000-square-foot rental bulding at 526 West 111th Street for $30 million. In March, he bought 98 Morningside Avenue, a 48-unit rental building on the corner of West 123rd Street, paying $21.6 million. He bought 17 West 125th Street, another rental building, a month earlier for $30 million. [NYP]Ariel Stulberg