Thor Equities pays $56M to Haddad family, Premier Equities for office in NoMad

Joseph Sitt-led Thor Equities through the entity Thor 1165 Broadway LLC paid a total of $56 million to David S. Haddad and Premier Equities through the entity 1165 Broadway Corp. for the office building (O5) at 1165 Broadway at the corner of 27th Street, in NoMad, Manhattan. The expected use is cash flowing.
The deal closed on March 25, 2026 and was recorded on March 27, 2026. The property has 43,000 square feet of built space and 43,509 square feet of additional air rights for a total buildable of 86,500 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,302 and the price per buildable square foot is $647 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for David S. Haddad and Premier Equities was Sam D. Haddad. The signatory for Thor Equities was Morris Missry . The contract date was February 6, 2025.

This sale took part in two transactions, the larger a purchase of the fee from the Haddad entity for $47 million, and in a smaller transaction the purchase of a leasehold for $9 million from Yaron Jacobi’s Premier Equities. The Haddad seller is affiliated with the family of Haddad Brands. The brothers Eli, Sam, Abraham and Moysh Haddad acquired the building in approximately 1953, when they borrowed $2,100, a sum which later grew.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Thor Equities purchased one property in one transaction for a total of $58.5 million and sold 21 properties in 10 transactions for a total of $545.6 million over the past 24 months.
The seller David S. Haddad had not purchased any other properties and had not sold any properties over the same time period. The Real Deal reported on March 26, 2026 that Thor Equities paid $56 million to David Haddad for 1165 Broadway, Manhattan, NY.

The property

The office building in NoMad has 43,000 square feet of built space and 43,509 square feet of additional air rights for a total buildable of 86,500 square feet according to a PincusCo analysis of city data. The parcel has frontage of 136 feet and is 87 feet deep with a total lot size of 8,650 square feet. The lot is irregular. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $29.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $5,300 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on June 10, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In NoMad, The majority, or 66 percent of the 13 million square feet of commercial built space are office buildings, with hotel buildings next occupying 15 percent of the space. In sales, NoMad has 1.7 times the average sales volume among other neighborhoods with $547.4 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, NoMad has 2 times the average amount of major developments relative to other neighborhoods and is the 12th highest in Manhattan. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 24 percent of the neighborhood’s built space. There were 42 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of 20 of the 36 commercial properties representing 1,077,707 square feet of the 1,347,539 square feet. The largest owner is Greystar, followed by Yucaipa Companies and then Savanna.
On the tax block, there was one new building construction project filed totaling 24,325 square feet. It is a 52-unit, 24,325 square-foot hotel/dormitory/shelter (R-1) building submitted by Ezra Aini with plans filed May 19, 2014 and permitted December 14, 2020.

The majority, or 58 percent of the 1.3 million square feet of built space are office buildings, with elevator buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Premier Equities owned at least 12 commercial properties with 60 residential units in New York City with 210,878 square feet and a city-determined market value of $82.1 million. (Market value is typically about 50% of actual value.) The portfolio has $174.6 million in debt, with top three lenders as Metropolitan Commercial Bank, Signature Bank, and Acadia Realty Trust respectively. Within the portfolio, the bulk, or 44 percent of the 210,878 square feet of built space are office properties, with mixed-use properties next occupying 27 percent of the space. The bulk, or 82 percent of the built space, is in Manhattan, with Queens next at 18 percent of the space.
The PincusCo database currently indicates that David S. Haddad owned at least one commercial property in New York City with 43,000 square feet and a city-determined market value of $26.8 million. (Market value is typically about 50% of actual value.) The portfolio has $18 million in debt, borrowed from First Republic Bank. The portfolio consists of at least a single office property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Thor Equities owned at least 22 commercial properties with 346 residential units in New York City with 679,507 square feet and a city-determined market value of $182.7 million. (Market value is typically about 50% of actual value.) The portfolio has $341.3 million in debt, with top three lenders as MetLife, Prime Finance, and Argentic Investment Management respectively. Within the portfolio, the bulk, or 58 percent of the 679,507 square feet of built space are elevator properties, with office properties next occupying 12 percent of the space. The bulk, or 71 percent of the built space, is in Manhattan, with Brooklyn next at 29 percent of the space.

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