Thor Equities signs $53.5M refi with Argentic for ModernHaus SoHo hotel

Thor Equities through the entity Thor James Hotel Leaseco LLC as borrower signed a refi loan with lender Argentic Investment Management through the entity Argentic Real Estate Investment 2 LLC valued at $53.5 million for two properties including the ModernHaus SoHo hotel building (HB) at 27 Grand Street in and retail building (K1) at 23 Grand Street in SoHo, Manhattan.
The deal closed on September 25, 2025 and was recorded on October 7, 2025. The prior lender was AB CarVal Investors which held debt that had an original loan amount of $46.5 million.The two properties have 58,864 square feet of built space and 54,522 square feet of additional air rights for a total buildable of 113,350 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $908 and the price per buildable square foot is $471 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 Argentic Investment Management was Ryan Supple .

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 27 Grand Street.

Prior sales and revenue

The owner according to the Department of Housing Preservation and Development is Kori Yoran, head officer. The business entity is Thor James Hotel Leasceco Llc. The two properties with a total of 58,864 square feet of built space generated revenue of $18.1 million per year or $307 per square foot.

The property

The hotel building in SoHo has 58,864 square feet of built space and 54,522 square feet of additional air rights for a total buildable of 113,350 square feet according to a PincusCo analysis of city data. The parcel has frontage of 57 feet and is 141 feet deep with a total lot size of 9,676 square feet. The zoning is M1-5/R10 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $26.8 million. AB CarVal Investors on October 21, 2022 bought a loan with an original principal of 46535691.0 from AB CarVal Investors signed by Morris Missry, secured by 27 Grand Street, when owned by Thor Equities.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $2,070 in OATH penalties 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 SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 3.9 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 455,655 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On the tax block of 27 Grand Street, PincusCo has identified the owners of six of the 13 commercial properties representing 268,286 square feet of the 294,604 square feet. The largest owner is Hartz Mountain Industries, followed by Thor Equities and then Kano Real Estate Investments.
On the tax block, there was one new building construction project filed totaling 326,974 square feet. It is a 326,974 square-foot business (B) building submitted by Taconic Partners and filed by Colleen Wenke with plans filed June 14, 2022 and it has not been permitted yet.

The majority, or 83 percent of the 294,604 square feet of built space are hotel buildings, with retail buildings next occupying 7 percent of the space.

The borrower

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 $231.4 million in debt, with top three lenders as MetLife, Prime Finance, and AB CarVal Investors 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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