Joseph Sitt’s Thor Equities is looking to sell two properties it bought during a push into the multifamily space in 2014.
The company has formally listed a 39-unit rental building at 840 West End Avenue and the residential component of another property at 201 East 71st Street, sources told The Real Deal. The asking prices are $40 million and $49 million for the properties, respectively.
A spokesperson for Thor did not immediately comment on why Thor is looking to sell the buildings.
The move follows the recent departure of Alan Klein and Jonathan Fishman, who jointly ran the development firm’s residential arm, to Silverpeak Real Estate. Klein and Fishman led more than $290 million in multifamily acquisitions, including a $112 million purchase in 2016 of a block of sponsor units at the Apthorp on the Upper West Side in partnership with Michael Fascitelli’s Imperial Companies. They also led the West End Avenue deal.
Sources said the decision to sell could also be linked to Thor’s private equity-style fund model, which sees it turn around properties quickly in order to satisfy investors.
Bob Knakal of Cushman & Wakefield has the West End Avenue exclusive, while Joe Koicim and Peter Von Der Ahe of Marcus & Millichap are listing the 71st Street property. Neither were immediately reachable for comment.
Thor paid $52 million for the Upper East Side building, known as the Allen House, in 2014 and has been leasing the 20 units. It is retaining the retail component of the property — 9,300 square feet on the ground floor and 8,300 square feet on the lower level — which is partially leased to New York Sports Clubs. The 26,640-square-foot residential portion is priced at $1,501 per square foot. It is 80 percent free-market.
The building was formerly home to family-run grocery chain Grace’s Marketplace for 30 years before Thor purchased it.
Thor paid $37.4 million for the 47,800-square-foot West End Avenue property, which came with 13,000 square feet of unused air rights, in 2014.