Thor $10.8M commercial condo sale is 32% decline from 2016 purchase price

The towel manufacturer Loftex through the entity Loftex Home, LLC paid $10.75 million to Thor Equities through the entity Thor 24 West 40th Investment LLC for two commercial condos (CR) at 24 West 40th Street in Midtown, Manhattan.
The deal closed on October 3, 2021 and was recorded on October 15, 2021.
The two properties have 11,158 square feet of built space according to a PincusCo analysis of city data.
This is for units 3 and 4. Charles Gaenslen is CEO of Loftex.

Thor Equities bought three commercial condo units, 1103, 1104 and 1105 in the building for $25.5 million in 2016. In 2019 Thor sold unit 1105 for $6.5 million. With the present sale at $10.75 million, that represents a $8.25 million loss, or a 32% decline between the 2016 purchase price of $25.5 million and the combined sale price of $17.25 million. Rudder Property Group brokered the sale, The Real Deal reported, which was at $963 per square foot. 
(123177374)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 6, 2020.
This is for units 3 and 4. Charles Gaenslen is an executive of Loftex. 
There was a condominium project filed with the address 24 West 40th Street and the name 24 West 40th Street Condominium on August 5, 2015. The principals of the sponsor, 24 West 40th Associates, Llc, were Jordan Slone, T. Richard Litton Jr., Saul Lubeski, Jay Zwiebel, and Pinchas Mendlovic. link

Within a 400-foot radius of 24 West 40th Street, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was an initial temporary certificate of occupancy issued on March 27, 2020 for the $671,919 renovation of 208,528-square-foot office B building with no residential units at 25 West 39th Street.
One of those seven items was a sale which 24W40Fl6, LLC bought one condo unit in the 16-unit mixed-use building (RC) on 24 West 40th Street for $6.5 million from Thor Equities on December 27, 2019.
Of those seven items, five were loans above $5 million totaling $295.9 million. The most recent of the five was Aron Rosenberg which borrowed $50.9 million from Ladder Capital Finance secured by the 58,186-square-foot, 13-unit office building (O6) on 32 West 39th Street and two other properties on April 2, 2021.

Direct link to Acris document. link