SL Green buys $90M first mortgage at Thor’s distressed 590 Fifth Avenue

SL Green realty purchased the $90 million first mortgage secured by Thor Equities’ troubled 590 Fifth Avenue in the Plaza District.

SL Green, which already owns a $25 million mezzanine loan at 590 Fifth, acquired the first mortgage debt from Midland Life Insurance Company. The deal closed on August 26, 2020 and was recorded on September 1, 2020.
The property contains a total of 93,123 square feet of built space.

SL Green recently filed to foreclose on the mezzanine loan after Thor defaulted, according to Business Insider.  The signatory for Midland was Jennifer Marler, who leads the real estate team at Guggenheim Partners.

There were at least three errors in this filing. There were two errors on the transfer cover page and one on an interior page. The first error was incorrectly writing the name of Greenberg Traurig as “Green Traurig.” The second was incorrectly writing the name of the prior lender Midland National Life Insurance as “Midland Life Insurance.” The third error was on an interior page. The first name of the signatory for Midland, Jennifer Marler, was misspelled as “Jenifer.”
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on March 14, 2018.
Over the past five years, there have been 24 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $44,919. There were 23 renovation/alteration projects (A2) applied for with a total estimated value of $2,504,056.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link