129 West 29th Street in $54M sale contract

TRD New York /
Jul.July 12, 2012 12:00 PM

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]


Related Articles

arrow_forward_ios
Thor Equities’ Joe Sitt and a rendering of 933 Broadway (Credit: Thor)

Thor Equities sues Mactaggart over latest broken deal

Thor Equities sues Mactaggart over latest broken deal
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Wharton Properties' Jeff Sutton, Thor Equities' Joe Sitt, 530 Broadway and Michael Shvo

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M
Thor Equities' Joe Sitt and 180 Livingston Street (Credit: Google Maps, iStock)

Brooklyn megachurch sues Thor for “putrid” leaks from Dallas BBQ

Brooklyn megachurch sues Thor for “putrid” leaks from Dallas BBQ
494 Broadway and Thor Equities' Joe Sitt (Credit: Google Maps)

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”
The beach in Tulum, Mexico, and Thor Equities Joe Sitt (Credit: Thor Equities LLC via Bloomberg)

Joe Sitt’s $100M plan for Pablo Escobar’s Tulum compound

Joe Sitt’s $100M plan for Pablo Escobar’s Tulum compound
93 North 9th Street in Williamsburg, Thor Equities' Joe Sitt, and a KAWS statue (Credit: Google Maps and Jim Bowen via Flickr)

Acclaimed artist KAWS pays $17M to expand Williamsburg studio

Acclaimed artist KAWS pays $17M to expand Williamsburg studio
Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Thor facing foreclosure at Theater District building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...