Thor sues seller of Soho retail

$122M deal with SL Green violated exclusive agreement, suit alleges

TRD New York /
Feb.February 22, 2013 08:30 AM

Thor Equities has sued the owner of a Soho mixed-use building, alleging that by selling the building to SL Green Realty, the owner violated an exclusive agreement with Thor, Crain’s reported.

The suit alleges that Thor was an in exclusive agreement with Willspring Holdings to purchase the 68,342-square-foot office and retail building, located at 131-137 Spring Street. In December, however, Willspring agreed to sell the building to a partnership of SL Green and frequent collaborator Jeff Sutton for $122 million, as The Real Deal previously reported. 

Thor is seeking unspecified monetary compensation from the seller. For its part, Willspring said that Thor had continually sought to bring the sale price down with counteroffers, thereby nullifying Willspring’s obligation to sell, according to court documents reviewed by Crain’s. The seller also pushed to do the deal before the end of 2012, given the expected rise in capital gains taxes, yet Thor requested a $1 million discount on the purchase price in order to fulfill that condition, Willspring said. Willspring then reached out to SL Green.

Thor, headed by Joseph Sitt, has also previously partnered with Sutton, most notably on the $150 million purchase of 529 Broadway, a centrally located commercial property in Soho, as The Real Deal previously reported. [Crain’s]  – Hiten Samtani


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