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
Elad Group's Isaac Tshuva and1299 Third Avenue (Getty, Google Maps)
Elad picks up shovel-ready UES development site
Elad picks up shovel-ready UES development site
645 Madison Avenue (Google Maps, iStock)
Private equity firm tightens grip on distressed Madison Ave building
Private equity firm tightens grip on distressed Madison Ave building
Thor Equities' Joe Sitt and the retail condo at the base of 700 8th Avenue (Thor Equities, Google Maps)
Joe Sitt loses West Side retail space to foreclosure
Joe Sitt loses West Side retail space to foreclosure
Thor Equities chairman Joseph Sitt, and the property on the corner of Getty and Madison Avenues in Paterson, NJ (Google Maps, Thor Equities)
Thor planning warehouse in Paterson
Thor planning warehouse in Paterson
Givenchy swaps for Versace at Wharton’s 747 Madison Avenue
Givenchy swaps for Versace at Wharton’s 747 Madison Avenue
Givenchy swaps for Versace at Wharton’s 747 Madison Avenue
Thor Equities's chairman Joseph Sitt (Thor Equities, Loopnet)
Thor Equities nabs 131K sf Newark warehouse
Thor Equities nabs 131K sf Newark warehouse
Clockwise: 138 Bruckner Boulevard in the Bronx, 305 East 61st Street, 161 Lexington Avenue and 539 West 54th Street (Google Maps)
Dozen deals spell big week for Manhattan investment sales
Dozen deals spell big week for Manhattan investment sales
Luxury clothing company signs at Reuben Brothers’ 769 Madison Ave.
Luxury clothing company signs at Reuben Brothers’ 769 Madison Ave.
Luxury clothing company signs at Reuben Brothers’ 769 Madison Ave.
arrow_forward_ios

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

Loading...