Sitt’s Thor in $30M contract for Harlem rental

Seller Treetop paid $14M for 17 West 125th St. in 2013

From left: Joe Sitt, Steven Vegh 17 West 125th Street
From left: Joe Sitt, Steven Vegh 17 West 125th Street

Joseph Sitt’s Thor Equities is in contract to buy a five-story rental property in Central Harlem for $30 million, The Real Deal has learned.

New Jersey-based Treetop Development is selling the 46,200-square-foot building at 17 West 125th Street. Treetop bought the property in 2013 for $13.6 million.

The building includes 50 residential units and eight retail spaces. Thor wouldn’t comment on the deal, but sources confirmed the acquisition and said that Thor is “excited” about the retail opportunities this property provides.

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Westwood Realty Associates’ Steven Vegh was the sole broker on the transaction.

The property is located right next to Alex Adjmi’s 5 West 125th Street, a mixed-use building that houses Bed Bath & Beyond and a WeWork space. Down the street, a Brooklyn-based investor just bought 26 East 125th Street for $7 million, also brokered by Vegh, with plans of building a residential project at the site.

Thor launched the firm’s residential division in October 2013, together with Stonehenge Partners alums Alan Klein and Jonathan Fishman. Last month, TRD reported that Thor paid $800 million for a massive apartment portfolio belonging to the Caiola family. In March, Thor Residential bought two rental buildings on Riverside Drive together with GreenOak Real Estate and in May of last year, the company paid $67 million for a rental building at 838 West End Avenue.