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

Restaurant Giovanni Venti Cinique among 6 tenants at base of 100K sf building

New York /
Jan.January 13, 2015 08:00 AM

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.


Related Articles

arrow_forward_ios
Joe Sitt and Charles Scribner’s Sons Building in Midtown (Thor, Google Maps)

Thor’s $150M loan on 597 Fifth heads to special servicing

Thor’s $150M loan on 597 Fifth heads to special servicing
Pop-ups have become increasingly popular in recent years. Consumer spending last year totaled $8.4 billion (Getty)

Pop-ups offer potential lifeline to luxury streets

Pop-ups offer potential lifeline to luxury streets
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)

Thor delinquent on $105M loan at 597 Fifth

Thor delinquent on $105M loan at 597 Fifth
Amazon's Jeff Bezos, Thor Equities' Joseph Sitt, and 280 Richards Street (Photos via Getty; Thor Equities)

Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse

Amazon inks deal for 312K-sf at Thor’s Red Hook warehouse
Stefano Ricci, Joe Sitt and 118-120 Northeast 39th Street (Getty, Thor, Google Maps)

Thor Equities sues to evict Stefano Ricci from Miami Design District

Thor Equities sues to evict Stefano Ricci from Miami Design District
SL Green CEO Marc Holliday, 590 Fifth Avenue and Thor Equities CEO Joseph Sitt (Holliday via Grant Lamos IV/Getty Images; Google Maps)

SL Green moves to foreclose on Thor’s 590 Fifth Ave

SL Green moves to foreclose on Thor’s 590 Fifth Ave
Right to left: 831, 835 and 837 Madison Avenue (Google Maps)

“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate

“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate
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
arrow_forward_ios

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

Loading...