Thor Equities reduced its stake in the 258,639-square-foot NoMad office building 245 Fifth Avenue from approximately 50 percent to 7 percent, while the Moinian Group’s stake in the building rose from approximately 50 percent to 93 percent, according to a filing made in the Tel Aviv Stock Exchange.
The filing indicated that the change was the result of a $20 million loan to Joseph Sitt’s Thor Equities that was converted to Moinian Group equity.
Thor Equities has reduced its investments in New York City real estate through sales and foreclosures, as it focuses more internationally and in the logistics market.
The partners recently modified the building’s financing, which stated the property has $147.5 million in debt from AIG, down from $160 million in 2016.
A 2022 lawsuit Moinian Group filed reflects some of the challenges facing commercial landlords. Moinian sued an office tenant at the building for $860,262 for allegedly not paying rent, in litigation that the parties settled last month.
The Moinian Group has been involved with the property since 2007, when it partnered with the Goldman Sachs Whitehall Fund to pay $190 million for the building. In 2011, Goldman Sachs sold its stake to a new partnership between Moinian Group and Thor Equities, which paid $161.5 million.
The 245 Fifth Avenue parcel has frontage of 86 feet and is 125 feet deep with a total lot size of 11,100 square feet. The lot is irregular. The zoning is C5-2 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $111.5 million.