Following last week’s revelation that Joe Sitt of Thor Equities was in contract to drop $100 million on a Meatpacking building, a source has told the New York Post that Peter Duncan of George Comfort & Sons had been in the process of buying the building when the Thor deal went down.
Ron Burkle, who owns the building at 430 West 14th Street, apparently “changed the terms of the term sheet in a very significant way” and used a separate lawyer to negotiate with Thor without Comfort’s knowledge, the source said.
Comfort was attempting to acquire the building as a part of a tax-free 1031 exchange that would offset the potential profits from its upcoming sale of Worldwide Plaza.
It remains unclear if Comfort will attempt to fight Thor’s contract. [NYP] –Christopher Cameron