129 West 29th Street in $54M sale contract

July 12, 2012 12:00PM

Joseph Sitt’s Thor Equities is in contract to sell the 12-story, 85,869-square-foot office building at 129 West 29th Street for $54 million to Samson Management, a Queens real estate holdings company, the New York Observer reported. Arnold Goldstein, a principal at Samson, joked with the Observer, saying “so are you going to ask me why I overpaid for the property?”

According to city public records, a December 2009 deed for this very property shows Thor purchased the property for $7.9 million. But according to the Observer, Goldstein was referencing the four percent cap rate that Samson bought into.

Goldstein said he paid the $54 million price because he wants to hold on to the property as the neighborhood grows. Located in between Sixth and Seventh avenues, the building is close to Midtown South and Penn Station.

Jones Lang LaSalle Vice Chairman Richard Baxter led a team to handle the building sale for Thor. [NYO]