GreenOak buys Thor out of UWS rentals in $190M deal

The partners paid $127M for the three buildings in 2013 and 2014

TRD New York /
May.May 16, 2017 04:00 PM

Clockwise from top left: 120 Riverside Drive, 125 Riverside Drive, GreenOak’s Mark Van Zandt, Joe Sitt and 150 West 82nd Street

GreenOak Real Estate bought Joseph Sitt’s Thor Equities out of its interest in three Upper West Side rental properties in a deal valuing them at a combined $190 million, sources told The Real Deal.

GreenOak closed this week on the buyout deal, paying about $130 million and $60 million to the joint ownership entity for two rental buildings at 120 and 125 Riverside Drive and one at 150 West 82nd Street, respectively, sources said.

Thor’s TRData LogoTINY residential arm had partnered with GreenOak to buy 120 and 125 Riverside Drive for $85 million in 2013 and then 150 West 82nd Street for $41.5 million in 2014. Thor had the minority stake in the three buildings, and the purchases marked GreenOak’s only partnership with Thor to date.

The properties have a combined 155 rental apartments – a mix of market-rate and rent-stabilized units – and 160,000 square foot. As a result of the buyout, their collective value is now north of $800 per square foot.

Sources said Thor saw a profit from the sale, but the extent of which was not immediately clear.

A Thor spokesperson confirmed the deal, saying that after restoring leasing at the three properties,“we felt the time was right” to sell the properties. “We look forward to continue adding to our substantial multifamily portfolio throughout New York City,” the spokesperson added.

Thor’s other Manhattan residential holdings include 838 and 840 West End Avenue, 98 Morningside Avenue, 516 West 111th Street, 17 West 125th Street, and a block of sponsor units at the Apthorp it owns with Michael Fascitelli’s Imperial Companies.

The Thor purchases had been led by Alan Klein and Jonathan Fishman, who launched and led a residential division that specialized in one-off multifamily acquisitions. Klein and Fishman left Thor earlier this year to launch Weaver Street Partners, a multifamily investment firm backed by Silverpeak Real Estate Partners. Since they left, Thor has been looking to exit its pending deal for a large Bronx rental building.

Separately, Thor has been scrambling to sell a handful of retail properties amid rampant vacancies.

A spokesperson for GreenOak declined to comment.

Last fall, GreenOak, a Midtown-based investment manager, was on the opposite end of a large buyout deal. Aby Rosen’s RFR Holding bought GreenOak Real Estate, East End Capital and Downtown Properties out of their majority interest in a 28-story office building at 285 Madison Avenue in Midtown for $334.1 million.

(To view more commercial sale transactions involving Thor Equities, click here)

Related Articles

From left: 1 West End Avenue, 161 West 13th Street and 66 Ninth Avenue (Credit: StreetEasy and Wikipedia)

Porter House penthouse among NYC’s 5 priciest homes to hit the market last week

15 East 90th Street (Credit: Google Maps)

Lonely townhouse finds a match after years on market

From left: renderings of 1 Propect Park West, 85 Jay Street and 98 Front Street in Brooklyn (Credit: StreetEasy)

The priciest Brooklyn condo filings of 2019

60 East 93rd Street and Carlton Hobbs (Credit: Google Maps and Getty Images)

Why a $68M townhouse listing was abruptly pulled off the market

Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

Zillow President Jeremy Wacksman

Zillow launches its high-stakes home-flipping business in LA

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

From left: the Ritz-Carlton, 32 East 1st Street, 560 West 24th Street, 301 East 80th Street and 32 West 85th Street

Five priciest homes new to market include 1897 townhouse