NEW YORK CITY—Boosting the activity level in a pocket of Manhattan gaining many residential units, Thor Equities has acquired 98 Morningside Ave., a seven-story, 48-unit rental building in Harlem.
The property, which sits directly across from Morningside Park, was sold for nearly $22 million. GlobeSt.com has confirmed that the seller was Baruch Singer, as first reported in the Real Deal. No broker information could be obtained at press time.
Just last month, a joint venture between Azimuth Development Group and St. Luke's Baptist Church announced plans to build a 22-unit condominium tower at 99-101 Morningside Ave. The deal will allow the church to expand its presence at the site.
Meanwhile, back in late 2013, Singer also sold 92 Morningside Ave. to Renaissance Realty Group for $18 million. The developer planned at that time to refurbish the seven-story rental asset and add some modern penthouses.
The area's latest asset to change hands, 98 Morningside Ave., is near Columbia University's campus in Morningside Heights, within walking distance of Central Park and one block west of Frederick Douglass boulevard, considered Harlem's new Gold Coast. The building is also near a number of subway stops on nearby 125th street.
“The New York City residential market is continuing to soar, particularly on the Upper West Side and above,” says Joseph Sitt, CEO of Thor Equities. “Morningside avenue in particular is an ideal location for residents, given its proximity to the historical and beautiful Morningside Park, Columbia University, and the increasingly vibrant neighborhood surrounding Frederick Douglass Boulevard.”
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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.
