NEW YORK CITY—Showing its confidence in Harlem, Thor Equities has picked up its second multifamily property in the area. Thor has closed on the acquisition of 17 W. 125th St. for nearly $30 million. Both the buyer and seller—which was TreeTop Development—were represented in the transaction by Westwood Realty Associates' Steven Vegh and Phil Goldstein.
Located between Fifth and Lenox Avenues, 17 W. 125th St. is comprised of 50 rental units, including 32 one-bedroom apartments, 14 two-bedroom units, and 3 three-bedroom residences a pre-war property constructed in 1900. In addition to apartments, the property includes retail space. In addition, the property includes retail space.
The five-story elevator building features more than 9,000 square feet of retail space with 18-foot ceilings and 115 feet of frontage along 125th Street, Harlem's key retail spot.
“The 125th Street corridor is undergoing significant redevelopment and growth, fueled in part by the $7 billion, 17-acre expansion of Columbia University to the west,” says Joseph Sitt, CEO of Thor.
TreeTop principal Adam Mermelstein adds, "The lack of affordable housing below 100th Street has made upper Manhattan a very active rental market. Three years ago, we recognized the increasing number of renters migrating north into untapped markets in Harlem, Inwood and Washington Heights and began purchasing rental properties in these areas near prime retail corridors and with great access to subways.
He continues, “We were able to acquire assets such as 17 West 125th Street at value-added prices and invested significant money to create high quality homes in modernized buildings. This has made them attractive to local and national real estate investors. We've capitalized by selling at a high return on investment, which has enabled us to acquire larger residential portfolios and add thousands of homes in New York City in the past two years.”
A new Whole Foods store is located one block away from 17 W. 125th St., with a new Bed, Bath & Beyond and WeWork space directly adjacent to the property. The building also is near several other national retailers as well as popular dining, cultural and entertainment attractions, and just steps from public transportation including the Lenox Avenue 2/3 subway station.
Thor Equities also owns 98 Morningside Ave. in Harlem. The seven-story building features 48- rental units and spans 65,800 square feet. It's located directly across from Morningside Park, between 122nd and 123rd streets.
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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.
