The Real Deal New York

Sitt’s Thor picks up UES retail co-op for $42M

Restaurant Giovanni Venti Cinique among 6 tenants at base of 100K sf building
By Mark Maurer | January 13, 2015 08:00AM

Continuing his buying frenzy, Joe Sitt has acquired an Upper East Side retail co-op for $42.3 million. The deal closed yesterday, according to sources close to the negotiations.

The 9,240-square-foot retail component at 1114-1120 Madison Avenue, near East 83rd Street, houses six tenants on the ground floor and lower level, including Italian restaurant Giovanni Venti Cinique, children’s clothing store Infinity and Maui-based brand Letarte Swimwear.

The 56-apartment residential component of the 12-story, 98,000-square-foot property uses the address of 25 East 83rd Street.

It is unclear whether brokers were involved. Sitt, who recently inked a nearly $800 million contract for the Caiola family’s residential portfolio, could not be reached for comment.

In October, a two-story retail building next door at 1122 Madison Avenue hit the market for $50 million, as TRD reported. Thor owns a minority stake in that building.