Sitt’s Thor buys three Manhattanville rentals for $34M

BCB owned the properties near Columbia University

TRD New York /
Jan.January 27, 2016 04:40 PM

Joseph Sitt’s Thor Equities picked up three adjacent rental buildings near Columbia University’s 17-acre expansion of the Manhattanville campus, paying $34.4 million to Bennat Charatan Berger’s BCB Property Management, sources told The Real Deal.

The six-story properties at 556-558, 560-562 and 564-566 West 126th Street span a combined 52,000 square feet, and hold 58 four-bedroom apartments and five retail units.

The deal closed Wednesday for north of $660 per square foot. Thor plans to treat the portfolio purchase as an investment, sources said.

“Columbia University’s expansion is poised to further transform the 125th Street corridor and surrounding area,” Sitt said in a statement.

Westwood Realty Associates’ Steven Vegh, who brokered the off-market transaction, declined to comment.

About 35 of the apartments are rent-stabilized units. Average monthly rents for the market-rate apartments are $3,675, records show.

BCB owned the buildings relatively briefly; the Midtown-based investment firm acquired the properties in two separate transactions for a combined $23.5 million in 2013 and 2014.

Sitt has been active recently with single-building purchases of Upper Manhattan multifamily assets. In May, Thor bought a Morningside Heights rental property for $30 million.

Although Berger runs BCB Property Management, he is also one-half of Novel Property Ventures, a joint venture he launched in August with fellow multifamily investor Andrew Miller.


Related Articles

arrow_forward_ios
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
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
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
Wharton Properties' Jeff Sutton, Thor Equities' Joe Sitt, 530 Broadway and Michael Shvo

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M
Thor Equities' Joe Sitt and 180 Livingston Street (Credit: Google Maps, iStock)

Brooklyn megachurch sues Thor for “putrid” leaks from Dallas BBQ

Brooklyn megachurch sues Thor for “putrid” leaks from Dallas BBQ
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”
The beach in Tulum, Mexico, and Thor Equities Joe Sitt (Credit: Thor Equities LLC via Bloomberg)

Joe Sitt’s $100M plan for Pablo Escobar’s Tulum compound

Joe Sitt’s $100M plan for Pablo Escobar’s Tulum compound
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

Acclaimed artist KAWS pays $17M to expand Williamsburg studio
arrow_forward_ios

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

Loading...