Thor Equities, Rockwood Capital Buy NYC’s Upper West Side Apartment Property
- May 09, 2014
Acting through its new residential division, Thor Equities has joined forces with Rockwood Capital L.L.C. on the acquisition of 838 West End Ave., a 70-unit apartment property on Manhattan’s coveted Upper West Side. The partners purchased the pre-war building from Zauderer Realty Associates.
Neither Thor nor Rockwood is divulging the transaction price; however, Crain’s New York Business first reported in January that the team would buy the 108,000-square-foot asset for $67 million.
An architectural jewel of sorts once known as the Dallieu, the terra cotta tile-trimmed building at 838 West End was designed by the architectural firm of George & Edward Blum and first opened its doors in 1913. Today, the 12-story property is part of a limited stock of rentals on West End Ave., within the historic Upper West Side. Renters in the area pay a pretty penny for their digs; according to a report by real estate brokerage firm MNS, the average rent in the neighborhood increased 4.7 percent year over year in March, rising to $3,593 per month.
“Purchasing this extraordinary building, in a high-demand area and with character that cannot be duplicated, fits with our strategy of investing in well-located real estate that provides opportunity to outperform over the long term,” Arne Arnesen, senior managing director at Rockwood, said in a prepared statement.
For Thor, the transaction marks the company’s second purchase through its residential division. In March, the company completed the acquisition of the 93-unit apartment complex at 120 and 125 Riverside Drive for just under $85 million, according to Westwood Realty Associates, which also served as the exclusive broker on the sale of 838 West End.