Joe Sitt buys out Heiberger at 88 Greenwich commercial condo

50,000 sf space in FiDi holds a Dunkin Donuts -- and Town Residential office

TRD New York /
Aug.August 05, 2014 05:06 PM

Joseph Sitt’s Thor Equities now has full control of a $25 million commercial condominium at 88 Greenwich Street, after purchasing the remaining 50 percent stake in the property from Andrew Heiberger’s Buttonwood Development for about $12.5 million. Heiberger and Sitt are partners in Town Residential.

The 50,000-square-foot space takes up the bottom two floors of the 450,000-square-foot, 37-story Art Deco tower, located in the Financial District near Rector Street. The Department of Motor Vehicles occupied the full second floor until earlier this year, while ground-floor tenants include Town Residential, Dunkin Donuts and eatery Café Cubano.

Heiberger and Sitt, who recently resolved their disputes over ownership in Town, acquired 88 Greenwich Street in 2005 for about $200 million and converted the then-residential rental building into 452 condominiums, known as the Greenwich Club Residences, on the upper floors. The partners also worked together on a 103-unit condo project at 158 Madison Avenue.

“Under Buttonwood and Thor’s stewardship, Greenwich Club Residences was one of the true indisputable success stories of its time,” Heiberger said today of the sold-out condo project.

Buttonwood is on the lookout for “large-scale luxury development opportunities,” he added.


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
Michael Shvo, Thor Equities’ Joe Sitt, Wharton Properties’ Jeff Sutton and 530 Broadway

Michael Shvo closes on Soho retail building for $382M

Michael Shvo closes on Soho retail building for $382M
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
Andrew Heiberger (Photo by Studio Scrivo)

Andrew Heiberger on the future role of a resi brokerage

Andrew Heiberger on the future role of a resi brokerage
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
arrow_forward_ios

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

Loading...