NEW YORK CITY—Thor Equities, in partnership with Rockwood Capital, has acquired a pre-war rental apartment property at 838 West End Ave. The price of the deal was not disclosed but reliable industry sources put the deal at approximately $67 million, or about $971,014 per unit.
“More than ever, the Upper West Side remains the classic New York City neighborhood with stunning architecture, great parks, fine dining and more,” says Joseph Sitt, CEO of Thor Equities. “838 West End Ave is a trophy pre-war property and is the quintessential Upper West Side apartment building.”
Situated on the corner of 101st street, 838 West End—one of the few rental properties on the avenue—includes 108,000 gross square feet and 70 units. It features large apartments and architectural character. Steven Vegh, president of Westwood Realty Associates, was the exclusive broker on the deal.
With views from all four sides and a striking lobby with ceiling heights over 20 feet, the building will soon look even better as Thor is planning to refresh the property, a spokesman tells GlobeSt.com. “We will be preserving the prewar charm of the building and bringing it up to date with contemporary improvements.”
For Rockwood, the property's location nearly guarantees investors a good run. “Purchasing this extraordinary building, in a high-demand area, fits with our strategy of investing in well-located real estate that provides opportunity to outperform over the long term,” says Arne Arnesen, senior managing director. Rockwood is pleased to partner with Thor as we continue to invest in the growth and vibrancy of Manhattan.”
Thor Equities' Alan Klein likes what the Upper West Side brings to the table. “This property exemplifies the rarity that is the Upper West Side—oversized apartments, river views, quiet tree-lined streets and easy access to great shopping and dining, all while being just a short subway ride to Midtown.”
Built in 1913, the building enjoys a great deal of access to light and air due to its frontage alongside West End avenue and surrounding low-rise neighbors. Additionally, Thor notes, the property's location within the historic Upper West Side creates barriers to new development and ensures that the neighborhood's character will be preserved.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
