Sitt’s Thor Residential buys Morningside Heights rental for $30M

Property at 526 West 111th St. includes 44 units

New York /
May.May 04, 2015 02:30 PM

Joseph Sitt’s Thor Residential is in contract to buy a six-story elevator building in Morningside Heights for $30 million, The Real Deal has learned.

The roughly 43,000-square-foot rental building at 526 West 111th Street includes 44 residential units. The property comes with an additional 16,000 square feet of air rights.

The purchase is part of “continuing the strategy” of investing in buildings in the Morningside Heights and Harlem area, Thor Residential’s co-head Alan Klein told TRD. Klein said Thor will continue to keep the property a rental building.

The property had been in the same hands — the Mordowitz family was a co-owner — for many decades, property records show.

Rosewood Realty’s Aaron Jungreis was the sole broker on the transaction. He declined to comment.

In March, Thor Residential bought a 48-unit rental building at 98 Morningside Avenue for $21.6 million from Baruch Singer. That price came down to $328 per square foot for the 65,800-square-foot, seven-story building.

A month earlier, Thor bought a five-story property at 17 West 125th Street in Central Harlem for $30 million.

Thor Equities launched a residential division in October 2013, headed by Klein and Jonathan Fishman, both formerly of Stonehenge Management. In January, Thor Residential entered contract to buy a massive multifamily portfolio from the Caiola family for $800 million, as TRD reported.


Related Articles

arrow_forward_ios
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
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
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
From left: Jonathan Brody, Aaron Jungreis, and Alan Soclof

Stung by NY rent laws, Rosewood Realty is going nationwide

Stung by NY rent laws, Rosewood Realty is going nationwide
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”
Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Thor facing foreclosure at Theater District building
WeWork’s rivals smell blood, Morningside Heights rezoning drama: Daily digest

WeWork’s rivals smell blood, Morningside Heights rezoning drama: Daily digest

WeWork’s rivals smell blood, Morningside Heights rezoning drama: Daily digest
Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Thor sells Bensonhurst big-box store for $75M

Thor sells Bensonhurst big-box store for $75M
arrow_forward_ios

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

Loading...