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Thor Equities sued over alleged unpaid loan on Stefano Ricci Miami Design District store

Thor filed a separate lawsuit to evict Stefano Ricci in the summer

Thor Chairman Joe Sitt, Stefano Ricci CEO Niccolo Ricci and the Miami store. (Getty, Thor, Miami Design District)
Thor Chairman Joe Sitt, Stefano Ricci CEO Niccolo Ricci and the Miami store. (Getty, Thor, Miami Design District)

 

A mortgage trustee is suing affiliates of Thor Equities and fashion house Stefano Ricci, as well as Thor Chairman Joe Sitt, over an alleged unpaid loan on a Miami Design District property, with the plaintiff seeking foreclosure or receivership.

At issue is $17 million in an unpaid loan by the Thor affiliate, according to documents filed in Miami-Dade Circuit Court last month. Wellington Trust is the mortgage trustee and plaintiff in the case, and Midland Loan Services is the special servicer for the loan on the property at 118 to 120 Northeast 39th Street, home to a Stefano Ricci store.

Attorneys with Carlton Fields, representing Wellington Trust, did not respond to requests for comment.

According to documents filed with the lawsuit, the owners of defendant Thor 118 NE 39th LLC include a trust for Sitt’s children, Premier Equities partner Bert H. Dweck, and Ezra Hamway. The other defendants sued are Stefano Ricci affiliate Luxury & Co. of Miami and Sitt, himself.

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Stefano Ricci is based in Italy and led by Niccolo Ricci.

In the summer, Thor sued to evict Stefano Ricci from the store, saying it owed Thor more than $133,000 in rent. The case is still open. Thor purchased the 3,702-square-foot property in April 2014 for $9.5 million, records show.

Attorneys with Akerman, representing Thor in the eviction case, did not respond to requests for comment. Nor did Brett Silverman, representing Stefano Ricci in the eviction case.

The pandemic has led to many retail landlords seeking relief from the courts, in an attempt to recuperate money lost. In New York City, landlord Vornado Realty Trust sued to recover $14.8 million in future rent payments allegedly owed by fashion brand Elie Tahari.

Thor’s recent financial issues include a $105 million commercial mortgage-backed securities loan tied to the Charles Scribner’s Sons Building at 597 Fifth Avenue that went into special servicing.

In December, Thor sold a Flatiron retail building to A member of the Qatari royal family for $40 million.

Tags
Design DistrictJoe SittReal Estate LawsuitsRetailThor Equities