Michael Fascitelli is Thor’s partner on $120M Apthorp deal

Buyers-to-be plan to sell remaining 71 sponsor units: sources

New York /
May.May 18, 2016 07:00 AM

Michael Fascitelli is Joseph Sitt’s partner on the purchase of 71 sponsor units at the Apthorp on the Upper West Side, sources told The Real Deal.

The New York Post reported earlier this month that Sitt’s Thor EquitiesTRData LogoTINY was buying the condominium units for $120 million, or $810 per square foot, but Fascitelli‘s involvement through his firm Imperial Companies was not revealed at the time.

The partners plan to first sell 10 vacant units, which were formerly operated as market-rate rentals. Then, as tenants move out of the 61 rent-stabilized units, the firms will sell those units as condos, too.

The Apthorp has an unusual past. The landmarked 12-story property at 390 West End Avenue was constructed in 1908 as rentals. In 2007, Lev Leviev’s Africa Israel and Maurice Mann’s Mann Realty Associates acquired it for $26 million, with plans for a condo conversion.

Factors such as financing troubles, tenant opposition and subpar sales led the project to stall, however. New York state Attorney General Eric Schneiderman halted sales following a probe over misleading statements made by the developers. Lender AREA Property Partners, now known as Ares Management, pulled the building out of foreclosure in 2012, and condo sales resumed. Of the 160 total apartments, 71 are sponsor units that have been operated as rentals and remain unsold.

Condo sales so far have averaged $2,710 per square foot, according to StreetEasy data cited by the Post.

Thor’s residential arm – led by Alan Klein and Jonathan Fishman – and Imperial are expected to close on the units by mid-summer, sources said. There were no brokers on the deal, sources added.

After he stepped down as CEO of Vornado Realty Trust in 2013, Fascitelli went into a brief hibernation before partnering with fellow Vornado alum Eric Birnbaum to form Imperial in 2014. The firm is a co-developer of a 30-story, 225-unit rental tower at 509 West 38th Street, and was also scoping out a Williamsburg waterfront site at 470 Kent Avenue with 500,000 buildable square feet.

A representative for Thor declined to comment, while Imperial could not be immediately reached.


Related Articles

arrow_forward_ios
212 Fifth Avenue, Thor's Joseph Sitt and Madison Equities CEO Robert Gladstone (Google Maps, Thor, Studio Scrivo)
Thor sues insurer over Bob Gladstone’s alleged theft from 212 Fifth
Thor sues insurer over Bob Gladstone’s alleged theft from 212 Fifth
Thor Equities’ Joe Sitt with 60 East 66th Street (Thor Equities Group, Leslie J. Garfield & Co)
Thor Equities still trying to sell Lenox Hill townhouse after 10 years
Thor Equities still trying to sell Lenox Hill townhouse after 10 years
From left: Bert H. Dweck and Joe Sitt with 790 Madison Avenue (
Joe Sitt, Bert Dweck settle Madison Ave dispute with fashion house
Joe Sitt, Bert Dweck settle Madison Ave dispute with fashion house
790 Madison Avenue, Thor Equities CEO Joe Sitt and Bert Dweck (Google Maps, Thor and Premier Equities)
Fashion house: After 2 years and 2 lawsuits, Sitt and Dweck still haven’t paid
Fashion house: After 2 years and 2 lawsuits, Sitt and Dweck still haven’t paid
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
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
Thor Equities's chairman Joseph Sitt (Thor Equities, Loopnet)
Thor Equities nabs 131K sf Newark warehouse
Thor Equities nabs 131K sf Newark warehouse
arrow_forward_ios

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

Loading...