Joe Sitt’s Thor buys another UWS rental – this time for $37M

Source: The Real Deal

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. Read full story

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