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

Miami /
Jan.January 21, 2021 04:42 PM
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.

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.





    Related Articles

    arrow_forward_ios
    What’s an Airbnb worth? Suit seeks nearly $3M price drop for Miami Beach building without short-term rental permit
    What’s an Airbnb worth? Suit seeks nearly $3M price drop for Miami Beach building without short-term rental permit
    What’s an Airbnb worth? Suit seeks nearly $3M price drop for Miami Beach building without short-term rental permit
    Aventura assisted living and medical offices project scores $84M construction loan
    Aventura assisted living and medical offices project scores $84M construction loan
    Aventura assisted living and medical offices project scores $84M construction loan
    Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
    Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
    Miami-Dade County slapped with ethics complaint over approval of 550-home Calusa project
    Inset: Jay Philip Parker, Alicia Cervera Lamadrid, Edgardo Defortuna
    Real estate developers, brokers court Art Basel Miami Beach attendees
    Real estate developers, brokers court Art Basel Miami Beach attendees
    Westlake approves Adrenaline World entertainment complex, retail center
    Westlake approves Adrenaline World entertainment complex, retail center
    Westlake approves Adrenaline World entertainment complex, retail center
    Thor Equities, Remy Jacobson list Miami Design District retail buildings previously tied up in litigation
    Thor Equities, Remy Jacobson list Miami Design District retail buildings previously tied up in litigation
    Thor Equities, Remy Jacobson list Miami Design District retail buildings previously tied up in litigation
    Lease roundup: Plum Market to open in Aventura, Sprouts in Boca Raton, Best Buy in Dania Beach
    Lease roundup: Plum Market to open in Aventura, Sprouts in Boca Raton, Best Buy in Dania Beach
    Lease roundup: Plum Market to open in Aventura, Sprouts in Boca Raton, Best Buy in Dania Beach
    Michael Stern accused of “duping investors” in Monad Terrace project
    Michael Stern accused of “duping investors” in Monad Terrace project
    Michael Stern accused of “duping investors” in Monad Terrace project
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...