Joe Sitt’s Thor pays $800M for massive rental portfolio

Deal with Caiola family positions retail tycoon as major resi landlord

TRD New York /
Jan.January 05, 2015 10:20 AM

UPDATED, 4:18 p.m., Jan. 5: Joseph Sitt’s Thor Equities Residential is in contract for the purchase of the Caiola family’s entire apartment building portfolio for nearly $800 million, The Real Deal has learned. The mammoth deal for Caiola’s 800,000-square-foot rental portfolio is the biggest yet for Thor’s nascent residential arm and positions the firm as a major apartment landlord with more than a billion dollars in holdings.

The portfolio, which took the family patriarch Benny Caiola a lifetime to acquire, includes 25 elevator buildings in neighborhoods such as the Upper East Side, the Upper West Side and Midtown.  A 200-unit Chelsea rental building at 250 West 19th Street is the pick of the litter, sources familiar with the transaction told TRD. The sources added that the deal was the biggest-ever trade of an elevator-building portfolio in Manhattan, but that claim could not be independently verified.

Representatives for Thor and Caiola couldn’t be reached for comment. No brokers are believed to be involved in the deal.

Thor, the city’s most aggressive retail player, started the firm’s residential arm in October with Stonehenge Partners alums Alan Klein and Jonathan Fishman. Last month, it paid $181 million for a 241-unit rental property at 30 Park Avenue in Murray Hill, as TRD reported.  Its other residential bets include an $85 million deal on Riverside Drive and a $37.4 million deal for the Upper West Side’s 840 West End Avenue.

Correction: A previous version of this story incorrectly identified two buildings in the portfolio and the status of the deal.


Related Articles

arrow_forward_ios
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

Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

Alderman Brendan Reilly (Credit: iStock)

The Chicago condo deconversion craze is dying

Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, Azimuth)

The top 10 biggest real estate projects coming to NYC

Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Thor sells Bensonhurst big-box store for $75M

545 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)

Thor Equities on the verge of losing another building in Manhattan

AOC unveils rent regulation plan, Hong Kong real estate stocks are sinking: Daily digest

AOC unveils rent regulation plan, Hong Kong real estate stocks are sinking: Daily digest

arrow_forward_ios