The Real Deal New York

Thor Equities looks to unload UES townhouse for $37M

Joe Sitt-led firm paid $27M for 36 East 61st St. in 2014
By E.B. Solomont | April 25, 2017 02:37PM

36 East 61st Street and Joe Sitt

Joe Sitt’s Thor Equities is jumping on the recent townhouse turnaround by listing its Upper East Side mansion for $36.9 million.

The limestone and brick property at 36 East 61st Street, located between Madison and Park avenues, spans 15,900 square feet and is zoned for commercial use. With 26 rooms, the asking price works out to $2,320 per square foot.

The townhouse market has been on a tear lately, after a dismal year in which prices dipped and properties languished on the market.

Earlier this month, the Chinese conglomerate HNA Group bought art heir David Wildenstein’s Upper East Side mansion for a record $79.5 million, with plans to carve out boutique offices. That deal and others — including Andrew Farkas’ $40 million sale of 12 East 73rd — have fueling speculation that the market could be rebounding.

Thor bought the seven-story house for $27 million in 2014 from Coral Cables, Fla.-based Cisneros Group, property records show. At the time, Sitt said the property offered prospective tenants a “blank canvas” for office, retail or residential use.

The firm later landed an $18 million mortgage from Israel Discount Bank of New York, according to public records.

Matt Lesser

“It’s rare to find or have a fully commercial townhouse,” said listing broker Matt Lesser of Leslie J. Garfield, who said 36 East 61st would be ideal for a hedge fund, art gallery or retailer who wanted to be steps from Madison.

The townhouse is kitty corner to Thor’s retail condo at 680 Madison Avenue, where tenants include luxury fashion designer Tom Ford. Thor bought the retail portion of Extell Development’s Carlton House condo, Which Uses The Address 21 East 61st Street, for $277 million in 2013.

Representatives for Thor weren’t immediately available for comment, but sources said the firm is also open to leasing the house in its entirety, and is asking $120 per square foot.

Thor is also trying to sell 60 East 66th Street, a 9,700-square-foot townhouse, asking $18.5 million after a price cut from $20 million last week. The building contains 10 apartments but can be converted into single-family use.

Last week, a mansion at 854 Fifth Avenue — owned by the former government of Yugoslavia — hit the market asking $50 million.

(To view Thor Equities’ Deal Sheet, click here)