Sitt flips Tribeca office condo, makes $7M in two months

Joseph Sitt and 50 Varick rendering
Joseph Sitt and 50 Varick rendering

UPDATED, July 10, 10:19 a.m.: Joseph Sitt is selling a Tribeca office building for $90 million only two months after he bought it for $83 million, the New York Post reported.

An entity of the publicly traded American Realty Capital Properties is buying the contract on the 100,000-square-foot condominium at 50 Varick Street. Sitt purchased the property in April from Milan-based developer Estate4 when it was 90 percent complete, the newspaper said.

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Morris Adjmi and Aldo Andreoli designed the commercial space, which is near the entrance to the Holland Tunnel. Spring Studios, a high-end photography workspace based in London, will retain access to the 20,000-square-foot roof deck, the report said.

Earlier this month, American Realty Capital Properties bought American Realty Capital Trust IV, a non-listed REIT under the same management company, for $3.1 billion, as previously reported. The deal offered investors 2.05 of its own shares or $30 in cash per share. [NYP]Mark Maurer