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

New York /
Jul.July 08, 2013 11:00 AM

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.

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


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