The Real Deal New York

Thor buys Soho commercial building for $22M

Retail and commercial floors to be delivered vacant, sources said

October 03, 2012 06:30PM
By Adam Pincus

Joe Sitt and 494 Broadway

Joseph Sitt’s Thor Equities partnered with an affiliate of Jenel Management to purchase 494 Broadway, the 9,200-square-foot office and retail building between Broome and Spring streets for $22 million.

Sitt’s company signed a contract to buy the four-story building in February, and closed on the deal September 7, city records recorded today show.

The affiliate of Jack Dushey’s Jenel Management, based in Midtown, owns 11 percent of the property, and Thor’s entity owns 89 percent, in a tenant-in-common structure, the city records show.

A source at a firm that considered purchasing the building said Premier had been asking $16 million in early 2011, and planned to deliver the retail and commercial upper floors vacant, but that information could not be independently verified.

Premier Equities purchased the building in October 2004 for $6.1 million, city records show.

Thor, Jenel and Premier did not immediately respond to a request for comment.

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