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Music Industry Landmark Fetches $35M

NEW YORK CITY-In what the partners anticipate to be the first of a number of deals in the neighborhood, a joint venture comprised of Thor Equities and principals of GVA Williams purchased 321 West 44th St. for $35 million.

By Barbara Jarvie | Updated on October 22, 2003

NEW YORK CITY-Childhood friends Joseph J. Sitt, chairman and CEO of Thor Equities, and Michael T. Cohen, CEO of GVA Williams, have jointly purchased 321 West 44th St., a 203,000-sf Midtown property known for attracting music and theater industry clientele.

“This will give us an excuse to go out to dinner,” Sitt tells GlobeSt.com. GVA Williams will provide property management and leasing services for the building, and Thor Equities will provide asset management services for the property

The joint venture purchased the 10-story office structure from SL Green Realty Corp. and Morgan Stanley Real Estate Fund III LP for $35 million, or approximately $172 per sf. SL Green originally purchased the property, which is between Eighth and Ninth avenues, in March 1998 for $17 million. In May 2000, SL Green contributed the property to the joint venture, retaining a 35% interest. SL Green then completed a redevelopment plan which included refurbishing and upgrading the lobby, storefront and building infrastructure.

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