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Joseph Sitt Becomes Mega Landlord with $800M Deal

WASHINGTON DC 04.27.2017


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Norman Dong -- U.S. General Services Administration (GSA)
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Joseph Sitt Becomes Mega Landlord with $800M Deal

Joseph Sitt’s Thor Equities Residential division began in October 2013 and already has more than $1B in holdings, after spending $800M on the entire Caiola family apartment building portfolios, The Real Deal reports. The 800k SF portfolio was patriarch Benny Caiola’s life’s work, and includes 25 elevator buildings on the Upper East Side, Upper West Side, Midtown and a 200-unit cash cow in Chelsea, reports Law 360. Thor deals over the past year include: a $181M property in Murray Hill last month, an $85M building on Riverside Drive and $37.4M for 840 West End Ave