Thor to buy 280K sf Bronx rental for $43M

Deal marks third trade in six years of building near Yankee Stadium

975 Walton Avenue in the Bronx (inset from top: Joseph Sitt and Steven Vegh)
975 Walton Avenue in the Bronx (inset from top: Joseph Sitt and Steven Vegh)

Joseph Sitt’s Thor Equities is in contract to pay $42.5 million for a 280,000-square-foot West Bronx rental building, sources told The Real Deal. The deal would mark the third time the property has traded since 2010, when it sold for $11.3 million.

The 182-unit elevator building at 975 Walton Avenue is located in the Grand Concourse Historic District and is five minutes on foot from Yankee Stadium. Thor’s [TRDataCustom] residential arm, led by Alan Klein and Jonathan Fishman, signed a contract to purchase it earlier this month for about $150 per square foot, sources said.

The seller, Brooklyn investor Benzion Kohn, has owned the building for little more than a year. He bought it from Irving Langer’s E&M Associates for $31 million in April 2015.

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A spokesperson for Thor could not be reached. Westwood Realty Associates’ Steven Vegh, who declined to comment, brokered the deal.

Thor, as a multifamily investor, has been especially active in Upper Manhattan. Over the past two years, the firm’s purchases include rental buildings at 213-219 West 116th Street ($23.4 million), 98 Morningside Avenue ($21.6 million), 526 West 111th Street ($30 million), 17 West 125th Street ($30 million) and 556-566 West 126th Street ($34.4 million).

In partnership with Michael Fascitelli’s Imperial Companies, Thor recently closed on the purchase of 71 sponsor units at the Apthorp on the Upper West Side for $112 million.