The Real Deal New York

Thor scores $45M loan from Deutsche for Harlem buildings

Sitt’s company closed on two commercial properties in June for $76M
By Rich Bockmann | July 06, 2016 02:45PM

Joe Sitt and 127-137 East 125th Street in Harlem

Joe Sitt and 127-137 East 125th Street in Harlem

Joseph Sitt’s Thor Equities secured $45 million in financing from Deutsche Bank for its recent purchase of a pair of East Harlem commercial buildings.

Deutsche provided a $21.27 million gap loan and refinanced $23.57 million in outstanding debt on the two office-and-retail properties known as Gateway I and Gateway II, according to property records filed with the city Wednesday.

Representatives for Thor TRData LogoTINY and Deutsche were not immediately available for comment.

Thor finalized its purchase of the three-story, 53,000-square-foot building at 127-137 East 125th Street and its six-story, 63,000-square-foot neighbor at 126 East 126th Street last month for $75.5 million.

Duane Reade and Raymour & Flanigan occupy the retail portion of the 125th Street building. Their leases are each set to expire later this year. Thor is reportedly considering whether to re-sign the tenants or redevelop the space.

Pancake chain IHOP occupies 5,300 square feet of retail space at the base of the 126th Street building, with five floors of office space above.

Sitt, who is also co-chair of residential brokerage Town Residential, is in the process of being bought out of that firm by his partner Andrew Heiberger.