Thor Drops $56M on MoMad Office, Retail Building

It’s proving to be a busy week for Joe Sitt’s Thor Equities.

The firm purchased the retail and office building at 1165 Broadway in NoMad from David Haddad for $56 million, the Commercial Observer reported. The deal for the 58,000-square-foot property breaks down to $965 per square foot.

The building at the intersection of Broadway and 27th Street is fully occupied, according to Thor. Office tenants include footwear brand Christian Louboutin and music publisher Primary Wave, while cosmetics company Aesop occupies retail space.

Thor’s chief operating officer Melissa Gliatta, in a statement, called the property “a compelling opportunity to acquire a fully leased asset in one of Manhattan’s most resilient markets.” Haddad was not able to be reached for comment.

The landmarked property formerly served as a hotel before it was converted to other commercial use at the start of the 20th century. Architect Charles Mellon built and designed the five-story property, which was completed back in 1867.

Elsewhere in Manhattan, Sitt is shuffling the deck chairs on his real estate ship. Ilan Bracha’s IB Global recently closed on the vacant 15,000-square-foot office and retail building at 3 East 48th Street for $9.5 million. The lender seized the property along with the adjacent Scribner Building at 597 Fifth Avenue in a June foreclosure auction after Thor defaulted on a $105 million CMBS loan that was backed by the two properties.

Blackstone filed a foreclosure lawsuit in April 2025 against Thor, alleging the firm defaulted on a $10 million mortgage at 25-27 Mercer Street in Soho. Thor allegedly owed $9.5 million on the loan, and Blackstone moved quickly to file the foreclosure case after notifying Thor of the alleged default.

Elsewhere in NoMad, Eyal Ofer’s Global Holdings landed a $450 million commercial mortgage-backed securities debt from Wells Fargo last month to refinance the NoMad Tower at 1250 Broadway. Global Holdings acquired the 39-story building in 2016 for $565 million and subsequently invested $50 million in renovations.

— Holden Walter-Warner