The Real Deal New York

Thor to buy 280K sf Bronx rental for $43M

Deal marks third trade in six years of building near Yankee Stadium

September 14, 2016 01:05PM
By Mark Maurer

975 Walton Avenue in the Bronx (inset from top: Joseph Sitt and Steven Vegh)

Joseph Sitt’s Thor Equities is in contract to pay $42.5 million for a 280,000-square-foot West Bronx rental building, sources told The Real Deal. The deal would mark the third time the property has traded since 2010, when it sold for $11.3 million.

The 182-unit elevator building at 975 Walton Avenue is located in the Grand Concourse Historic District and is five minutes on foot from Yankee Stadium. Thor’s TRData LogoTINY residential arm, led by Alan Klein and Jonathan Fishman, signed a contract to purchase it earlier this month for about $150 per square foot, sources said.

The seller, Brooklyn investor Benzion Kohn, has owned the building for little more than a year. He bought it from Irving Langer’s E&M Associates for $31 million in April 2015.

A spokesperson for Thor could not be reached. Westwood Realty Associates’ Steven Vegh, who declined to comment, brokered the deal.

Thor, as a multifamily investor, has been especially active in Upper Manhattan. Over the past two years, the firm’s purchases include rental buildings at 213-219 West 116th Street ($23.4 million), 98 Morningside Avenue ($21.6 million), 526 West 111th Street ($30 million), 17 West 125th Street ($30 million) and 556-566 West 126th Street ($34.4 million).

In partnership with Michael Fascitelli’s Imperial Companies, Thor recently closed on the purchase of 71 sponsor units at the Apthorp on the Upper West Side for $112 million.