Thor Equities sells retail condo in Carroll Gardens to James Wacht for kids’ fitness location

Commercial property owner and broker James Wacht and his son Evan Wacht through the entity My Gym Cobble Hill LLC paid $2.5 million to Thor Equities through the entity Thor 209 Smith Street LLC for the retail condo at 209 Smith Street in Carroll Gardens, Brooklyn. The expected use is owner-occupied. The Wachts owns the franchise for the children’s exercise company My Gym for Brooklyn and the Hamptons. James Wacht is the managing principal for the brokerage Lee & Associates NYC.
The deal closed on October 7, 2025 and was recorded on October 10, 2025. The property has 3,797 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $664 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 Thor Equities was Morris Missry . The signatory for James Wacht and Evan Wacht was James Wacht. The contract date was August 18, 2025.

Matt Cosentino and Remi Norris of TerraCRG brokered the transaction.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer James Wacht had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Thor Equities purchased one property in one transaction for a total of $58.5 million and sold 19 properties in eight transactions for a total of $536.8 million over the same time period.

The property

The retail condo in Carroll Gardens has 3,797 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 3,797 square feet. The city-designated market value for the property in 2022 is $988,485.

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 not received any significant violations in the last year.

Development

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 Carroll Gardens, The bulk, or 44 percent of the 3.6 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 33 percent of the space. In sales, Carroll Gardens has 1.4 times the average sales volume among other neighborhoods with $422.8 million in sales volume in the last two years and is the 15th highest in Brooklyn. For development, Carroll Gardens has had very little major development activity relative to other neighborhoods.It had 148,152 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 23 commercial properties representing 58,260 square feet of the 121,299 square feet. The largest owner is Baldina Lafemina, followed by Jonathan Holman and then Conway Capital.
On the tax block, there was one new building construction project filed totaling 4,868 square feet. It is a seven-unit, 4,868 square-foot residential (R-2) building submitted by Jing Wang with plans filed October 6, 2022 and permitted March 6, 2024.

The majority, or 50 percent of the 121,299 square feet of built space are walkup buildings, with mixed-use buildings next occupying 42 percent of the space.

The seller

The PincusCo database currently indicates that Thor Equities owned at least 22 commercial properties with 346 residential units in New York City with 670,309 square feet and a city-determined market value of $179.4 million. (Market value is typically about 50% of actual value.) The portfolio has $284.9 million in debt, with top three lenders as MetLife, Prime Finance, and Argentic Investment Management respectively. Within the portfolio, the bulk, or 59 percent of the 670,309 square feet of built space are elevator properties, with office properties next occupying 11 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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