Sitt splashes $120M on 71 units at Apthorp condo building

Thor Equities head paying $810 psf for sponsor units at historic UWS property

TRD New York /
May.May 06, 2016 08:05 AM

Joseph Sitt is reportedly picking up 71 sponsor units at the historic Apthorp condominium building on the Upper West Side for $120 million.

Sitt is paying $810 per square foot for the apartments at 390 West End Avenue, according to the New York Post – which would peg the total square footage of the 71 units being acquired at more than 148,000 square feet.

The landmarked 12-story buildingTRData LogoTINY was built in 1908 and occupies a full city block bound by Broadway, West End Avenue, West 78th and West 79th streets.

In addition to its storied history, the Apthorp also has a more checkered recent past. Billionaire Lev Leviev’s Africa Israel partnered with developer Maurice Mann to acquire the then-rental building for $426 million in early 2007 with plans for a condo conversion.

But the project was met by tenant opposition, financing difficulties and disappointing sales amid the financial crisis and subsequent recession – with state Attorney General Eric Schneiderman eventually stepping in and halting sales, after an investigation into misleading statements made by the developers to the AG’s office.

Africa Israel later lost control of the Apthorp to lender Area Property Partners in 2012, and sales at the property eventually picked up.

Sitt’s Thor Equities recently entered contract to sell its retail and office building at 693 Fifth Avenue in Midtown for $525 million. The Real Deal also reported this week that the firm is considering selling 25 West 39th Street, which houses its headquarters. [NYP] — Rey Mashayekhi

Related Articles

Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Thor sells Bensonhurst big-box store for $75M

Thor Equities chairman Joe Sitt and 1006 Madison Avenue

Thor in danger of losing Madison Ave property

545 Madison Avenue and Thor Equities' Joe Sitt

Thor Equities in hot water at 545 Madison

From left: Joseph Sitt, Yaron Jacobi and Uzi Ben Abraham; 117 East 15th Street, 1122 Madison Avenue and 96-33 Queens Boulevard (Credit: Google Maps, Getty Images)

Here’s what the $10M-$30M NYC investment sales market looked like last week

680 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)

Joe Sitt’s Thor wants $370M for Madison Ave retail condo

Joe Sitt and 1725 Shore Parkway (Credit: Google Maps)

Thor Equities looks to sell BJ’s big-box store in Gravesend

Sutton, Sitt score $305M refi for 530 Broadway

Sutton, Sitt score $305M refi for
530 Broadway