Thor to buy 280K sf Bronx rental for $43M

Deal marks third trade in six years of building near Yankee Stadium

TRD New York /
Sep.September 14, 2016 01:05 PM

Joseph Sitt’s Thor Equities is in contract to pay $42.5 million for a 280,000-square-foot West Bronx rental building, sources told The Real Deal. The deal would mark the third time the property has traded since 2010, when it sold for $11.3 million.

The 182-unit elevator building at 975 Walton Avenue is located in the Grand Concourse Historic District and is five minutes on foot from Yankee Stadium. Thor’s TRData LogoTINY residential arm, led by Alan Klein and Jonathan Fishman, signed a contract to purchase it earlier this month for about $150 per square foot, sources said.

The seller, Brooklyn investor Benzion Kohn, has owned the building for little more than a year. He bought it from Irving Langer’s E&M Associates for $31 million in April 2015.

A spokesperson for Thor could not be reached. Westwood Realty Associates’ Steven Vegh, who declined to comment, brokered the deal.

Thor, as a multifamily investor, has been especially active in Upper Manhattan. Over the past two years, the firm’s purchases include rental buildings at 213-219 West 116th Street ($23.4 million), 98 Morningside Avenue ($21.6 million), 526 West 111th Street ($30 million), 17 West 125th Street ($30 million) and 556-566 West 126th Street ($34.4 million).

In partnership with Michael Fascitelli’s Imperial Companies, Thor recently closed on the purchase of 71 sponsor units at the Apthorp on the Upper West Side for $112 million.

Related Articles

Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

The Chicago condo deconversion craze is dying

Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, EDI International, and Azimuth)

The top 10 biggest real estate projects coming to NYC

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

Thor sells Bensonhurst big-box store for $75M

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

Thor Equities on the verge of losing another building in Manhattan

AOC unveils rent regulation plan, Hong Kong real estate stocks are sinking: Daily digest

Introducing ThorLogis, Thor Equities’ ambitious plan to break into logistics and e-commerce

Thor is breaking into the life sciences industry