The Real Deal New York

Sitt splashes $120M on 71 units at Apthorp condo building

Thor Equities head paying $810 psf for sponsor units at historic UWS property

May 06, 2016 08:05AM

The Apthorp

The Apthorp on the Upper West Side (inset: Joe Sitt)

Joseph Sitt is reportedly picking up 71 sponsor units at the historic Apthorp condominium building on the Upper West Side for $120 million.

Sitt is paying $810 per square foot for the apartments at 390 West End Avenue, according to the New York Post – which would peg the total square footage of the 71 units being acquired at more than 148,000 square feet.

The landmarked 12-story buildingTRData LogoTINY was built in 1908 and occupies a full city block bound by Broadway, West End Avenue, West 78th and West 79th streets.

In addition to its storied history, the Apthorp also has a more checkered recent past. Billionaire Lev Leviev’s Africa Israel partnered with developer Maurice Mann to acquire the then-rental building for $426 million in early 2007 with plans for a condo conversion.

But the project was met by tenant opposition, financing difficulties and disappointing sales amid the financial crisis and subsequent recession – with state Attorney General Eric Schneiderman eventually stepping in and halting sales, after an investigation into misleading statements made by the developers to the AG’s office.

Africa Israel later lost control of the Apthorp to lender Area Property Partners in 2012, and sales at the property eventually picked up.

Sitt’s Thor Equities recently entered contract to sell its retail and office building at 693 Fifth Avenue in Midtown for $525 million. The Real Deal also reported this week that the firm is considering selling 25 West 39th Street, which houses its headquarters. [NYP] — Rey Mashayekhi

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