NEW YORK CITY—Making its biggest purchase yet in its relatively young life, Joseph Sitt's Thor Equities Residential has just closed on its purchase of the Caiola family's entire apartment building portfolio for nearly $800 million, according to The Real Deal. The deal gives Thor Residential—which debuted in the fall of 2013—more than $1 billion in holdings, putting the firm on the map among the city's multifamily owners.
The portfolio features 25 elevator buildings, including 169 E. 91st St. and 225 E. 85th St. on the Upper East Side, along with 31 E. 31st St. in Midtown. The crown jewel of the collection of properties is said to be 250 W. 19th St., a 200-unit Chelsea rental building, according to the Real Deal. Sources say the deal was the biggest-ever trade of an elevator-building portfolio in Manhattan.
Representatives for Thor declined to comment to GlobeSt.com and Caiola couldn't be reached. No brokers were believed to be on the deal.
Already considered the city's most aggressive retail player, Sitt started Thor's residential arm with former Stonehenge Partners executives Alan Klein and Jonathan Fishman. Last month, the firm paid $181 million for a 241-unit rental property at 30 Park Ave. in Murray Hill.
The company's other residential transactions have included an $85 million deal on Riverside Drive and a $37.4 million deal for the Upper West Side's 840 West End Ave.
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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.
