The Joyce Theater has sold its building at 155 Mercer St. to Joseph Sitt’s Thor Equities for $27.25 million.
This is the 14th building in SoHo that Sitt owns and the ninth he has purchased in just the past few months.
The 17,500-square-foot brick building developed in 1920 has four floors and a mezzanine. It is located between Prince and Houston streets in an area being filled in with luxury shops.
After the city sold it to the Pellizzi Foundation in 1976 for $50,000, restrictive arts covenants were added in 1978 before it was resold to the Dia Foundation.
When Dia moved to Chelsea in 1996, the restrictions were removed and it was sold to the Joyce Theater Foundation.
The theater itself is at 175 Eighth Ave.
Sources said Sitt expects to lease the lower portion for retail and upper floors for residential.
