Jungreis of Rosewood brokers Thor Equities’ $30 million acquisition

Manhattan, NY Rosewood Realty’s Aaron Jungreis brokered Thor Equities’ $30 million acquisition of 526 West 111th St., a 43,000 s/f rental apartment building in Morningside Heights. Jungreis represented Thor and the undisclosed family sellers of the six-story prewar elevator building with 45 units located between Broadway and Amsterdam Ave. near Columbia University. “The buyers will benefit in the long term because the upside is tremendous due to the low average rents in the building,” said Jungreis. The purchase is part of the continuing strategy of Thor’s investing in buildings in the Morningside Heights and Harlem neighborhoods, according to company officials, who also said Thor plans to keep the property as a rental building. “As young families increasingly look to live in Upper Manhattan, 526 West 111th St. benefits from a prime location near Columbia University, Barnard College and Teachers College, as well as its proximity to public transportation and the nearby $7 billion, 17-acre expansion of Columbia University,” said Joseph Sitt, CEO of Thor Equities. Thor Equities owns a number of additional residential properties in the surrounding area including 17 West 125th Street, 98 Morningside Ave., 838 West End Ave., and 840 West End Ave.