Thor Equities has closed on a deal to acquire 556-566 West 126th St, a 55k SF apartment building with ground-floor retail in West Harlem.
The six-story building contains 58 apartments and five commercial units with roughly 100 feet of retail frontage. A source tells Bisnow Thor paid $34.4M for the pre-war building.
The property is adjacent to the new $7B, 17-acre Columbia University expansion, and close to Morningside Park, Barnard College and Columbia’s main campus. Thor owns five buildings nearby.
As might be expected, Thor CEO Joseph Sitt is excited about what the Columbia expansion—which opens this year—will do for property values in the area.
“Columbia University’s expansion is poised to further transform the 125th St corridor and surrounding area,” Joe says.
While no capital improvement has been announced yet, Thor included a rendering of the building looking a little more gussied up than its current form, indicating some renovations could be in the works.
