NEW YORK CITY—GlobeSt.com has confirmed published reports that Thor Equities and Michael Fascitelli's Imperial Cos. have closed on their $112 million purchase of a large swath of apartments at the Apthorp—a multifamily property on the Upper West Side.
Located at 390 West End Ave., the building includes 163 units, of which the Thor/Imperial partnership now owns 70 sponsored apartments, a source close to the deal tells GlobeSt.com.
New ownership plans to rent out 10 of the units at market rate, once they become vacant, while converting the remaining 60 apartments into condos for sale, The Real Deal reports. The building is 108-years-old.
Units run from one to four bedrooms, with all of them featuring 11-foot ceilings, and go up to 3,500 square feet. The 70 rental units—just less than half the building—are the last in a conversion that started during the prior real estate up cycle.
At that time, in 2007, the rental building was bought by Africa Israel for a shocking $426 million, at which time the owners tried to go condo. But then the market declined and New York State Attorney General Eric Schneiderman halted sales at the building because of questionable filings, according to The New York Post.
Ares Management, the lender on the 2007 purchase and the seller in this transaction, retained control of whatever rental units were left and stabilized the building, according to TRD. A Thor spokesman declined to comment.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
Located at 390 West End Ave., the building includes 163 units, of which the Thor/Imperial partnership now owns 70 sponsored apartments, a source close to the deal tells GlobeSt.com.
New ownership plans to rent out 10 of the units at market rate, once they become vacant, while converting the remaining 60 apartments into condos for sale, The Real Deal reports. The building is 108-years-old.
Units run from one to four bedrooms, with all of them featuring 11-foot ceilings, and go up to 3,500 square feet. The 70 rental units—just less than half the building—are the last in a conversion that started during the prior real estate up cycle.
At that time, in 2007, the rental building was bought by Africa Israel for a shocking $426 million, at which time the owners tried to go condo. But then the market declined and
Ares Management, the lender on the 2007 purchase and the seller in this transaction, retained control of whatever rental units were left and stabilized the building, according to TRD. A Thor spokesman declined to comment.
Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.
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