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Thor makes $112m Apthorp apartment play: Thor Equities.

A joint venture between Thor Equities and Imperial Companies has closed on a $112 million deal to buy part of the Apthorp at 390 West End Avenue in the Upper West Side.

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Thor confirmed published reports that the two companies now own almost half of the residential units in the building. The transaction, which closed last week, was for 70 of the property's 163 total units.

The Apthorp is a landmarked property built in 1908. In 2007, Africa Israel bought the building for $426 million. New York State Attorney General Eric Schneiderman blocked condo sales in the property shortly after due to faulty financial reports. Lender Ares Management gained control of the property in 2012.

The new owners plan to use 10 apartments as market-rate rentals, according to a previous report from the Real Deal. The remaining 60 apartments will be converted into condos.

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Title Annotation:SELLING POINTS
Comment:Thor makes $112m Apthorp apartment play: Thor Equities.(SELLING POINTS)
Publication:Real Estate Weekly
Date:Sep 14, 2016
Words:146
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