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Thor Residential Closes On Major Deal

NEW YORK CITY—Just a few months after creating a residential arm, Thor Equities has acquired a sizeable elevator-building portfolio for a hefty price.

By Rayna Katz | Updated on January 05, 2015

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.

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