Joseph Sitt’s Thor Equities Residential closed on a 48-unit, seven-story, 65, 800-square-foot, rental building on 98 Morningside Avenue, the corner of West 123rd Street, for $21.6 million.
Singer told TRD the building is a “great piece of property.” He bought it in 1999 with a twin property at 92 Morningside, which he sold in 2013 for $18 million.
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Thor’s Alan Klein is delighted with the price they got from Singer, telling TRD that finding “a corner elevator building in the heart of West Harlem for less than the price of land, that’s an amazing opportunity.”
Thor is planning to run the building for rentals, expecting the Columbia University $7 billion Manhattanville development to turn West Harlem into the next Park Slope.
The Manhattanville campus will be a 17-acre site just north of Columbia’s historic Morningside Heights campus, and consists primarily of the four large blocks from 129th to 133rd Streets between Broadway and Twelfth Avenue. The plan includes approximately 6.8 million square feet of space for teaching, research, underground parking, and support services.
Since it launched its residential division in October, Thor has acquired more than $1.3 billion in rental properties.