NEW YORK CITY—Thor Equities has closed on the acquisition of 215 W. 116th St., a 40,000-square-foot residential and retail building. The developer purchased the property from a private owner—who'd held the asset for more than 30 years—for more than $23 million.
Both parties to the deal were represented by Amit Doshi and Lynda Blumberg of Besen & Associates.
Located between Frederick Douglass Boulevard and St. Nicholas Avenue in Central Harlem, 215 W. 116th St. includes 39 two-and three-bedroom rental apartments, as well as six commercial units with over 100 feet of retail frontage.
“215 W.116th Street is ideally located in a thriving area of Upper Manhattan that is poised for additional residential and retail growth,” says Joseph Sitt, CEO of Thor Equities.
According to Thor, the seven-story prewar property is surrounded by three flourishing neighborhoods: Central Harlem, which is experiencing strong growth fueled by development activity along the 125th Street corridor; the Upper West Side; and Morningside Heights, home to Columbia University which is undergoing a $7 billion, 17-acre campus expansion.
Thor is a believer in the market: this is the fifth multifamily acquisition in Harlem for the company in the last 15 months, including 526 W. 111th St., 17 W. 125th St., 98 Morningside Ave., and 556-566 W. 126th St.
215 W. 116th Street is also one block from the 2/3 train, one block from the B/C train, a short drive to the Henry Hudson Parkway, and within walking distance to Morningside Park and Central Park.
Both parties to the deal were represented by Amit Doshi and Lynda Blumberg of Besen & Associates.
Located between Frederick Douglass Boulevard and St. Nicholas Avenue in Central Harlem, 215 W. 116th St. includes 39 two-and three-bedroom rental apartments, as well as six commercial units with over 100 feet of retail frontage.
“215 W.116th Street is ideally located in a thriving area of Upper Manhattan that is poised for additional residential and retail growth,” says Joseph Sitt, CEO of Thor Equities.
According to Thor, the seven-story prewar property is surrounded by three flourishing neighborhoods: Central Harlem, which is experiencing strong growth fueled by development activity along the 125th Street corridor; the Upper West Side; and Morningside Heights, home to Columbia University which is undergoing a $7 billion, 17-acre campus expansion.
Thor is a believer in the market: this is the fifth multifamily acquisition in Harlem for the company in the last 15 months, including 526 W. 111th St., 17 W. 125th St., 98 Morningside Ave., and 556-566 W. 126th St.
215 W. 116th Street is also one block from the 2/3 train, one block from the B/C train, a short drive to the Henry Hudson Parkway, and within walking distance to Morningside Park and Central Park.
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