Joe Sitt’s Thor buys another UWS rental – this time for $37M
Deal is fourth in the area for firm’s fledgling resi division
UPDATED, 10:30 a.m., September 24: Joseph Sitt’s Thor Equities just picked up a rental building on the Upper West Side for $37.4 million, The Real Deal has learned. The deal for the 47,800-square-foot property at 840 West End Avenue comes with 13,000 square feet of unused air rights, and is the fourth acquisition in the neighborhood for Thor’s new residential division.
In 2003, the seller, Arbor Management, paid $13 million for the six-story, elevator property, which has 39 residential units and two medical offices. The one-and-two-bedroom residential units were asking rents of between $2,200 and $3,500 a month in 2013, according to StreetEasy. Net operating income at the property in 2011 was $830,000, according to property income data analyzed by Genesis Computer Consultants.
Westwood Realty Associates’ Steven Vegh was the sole broker on this most recent transaction. Vegh couldn’t be reached by press time. Sitt said in a statement that “with its picturesque location on tree-lined 101st Street and elegant architecture, 840 West End Avenue is a classic Upper West Side pre-war property.”
Sitt, one of the city’s biggest retail players and the CEO of brokerage Town Residential, formed Thor Residential in October with Stonehenge Partners alums Alan Klein and Jonathan Fishman. In March, Thor Residential partnered with GreenOak Real Estate on the $85 million purchase of two rental buildings on Riverside Drive, as TRD reported. Two months later, it paid $67 million for a rental building at 838 West End Avenue. Vegh also brokered those transactions.