Thor Equities, Rockwood Capital Buy NYC’s Upper West Side Apartment Property

By Barbra Murray, Contributing Editor

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.