Joe Sitt’s Thor Equities lost two of its Manhattan retail properties to foreclosure this week, Crain’s reported.
One, in the Meatpacking District, was grabbed by Maverick Real Estate Partners. The other, in Soho, went to Kansas-based Midland Loan Services.
Manhattan-based Maverick filed a complaint against Thor in January 2023 when the latter allegedly missed several payments on the mortgage at 446 West 14th Street, a 26,000-square-foot property near the High Line. According to Crain’s, Thor had struggled for years to hold onto a long-term tenant.
The suit was filed by Thomas Hooker, Maverick’s associate general counsel, in Manhattan Supreme Court under the LLC “Meatpacking Retail.”
Maverick alleged that Sitt owed $21 million. The court judgment charged Sitt a total of $24.6 million plus interest. The property was nominally sold to the lender for $5 million, but that figure is a technicality because Maverick could have credit-bid up to the amount it was owed.
Further south, Thor was also foreclosed upon at 440 Broadway in SoHo. The lender, Midland, alleged that Thor defaulted on its original $13.2 million loan. The property’s anchor tenant is Foot Locker, which pays rent of $95,000 per month, according to court documents, but its lease is expiring soon and the company has not renewed it.
The court issued a $10.7 million judgment on the Broadway property, plus interest and fees. That property, which apparently is worth less than its debt, will also go back to the lender.
The attorney representing Maverick, Michael Bonneville of Kriss & Feuerstein, declined to comment. Gary Eisenberg, an attorney representing Midland Loan Services, did not respond to a request for comment.
Thor maintains a global portfolio valued at more than $20 billion, according to a spokesperson.
Read more
Commercial
New York
Joe Sitt takes $97M loss on one of Madison Avenue’s priciest retail properties
Commercial
New York
Investors sue Joe Sitt’s Thor over 530 Fifth Avenue
New York
Thor Equities’ 597 Fifth Ave value cut in half