Thor Equities signs $5M loan with Peapack for retail in Little Italy it lost then repurchased

Thor Equities, led by Joe Sitt, through the entity 470 Broadway Owners LLC as borrower, signed a initial loan with lender Peapack Private Bank & Trust valued at $5 million for the retail building (K2) at 470 Broadway in Little Italy, Manhattan.

The new loan follows the reports in May that the Korean skin care company Skin1004, had signed a lease for the property.
The deal closed on October 10, 2025 and was recorded on October 15, 2025. The property has 6,664 square feet of built space and 10,083 square feet of additional air rights for a total buildable of 16,750 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $750 and the price per buildable square foot is $298 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 owner bought the property on July 7, 2023, for $8.1 million. The signatory for Thor Equities was Morris Missry .

Thor Equities bought, then lost in foreclosure, then repurchased the building, all over the last 18 years.

Thor Equities first bought the building in October 2007 for $15.5 million. It refinanced a few times with the highest loan totaling $20.5 million, given in July of 2012. In 2021, the lender filed to foreclose. The total unpaid debt was calculated in the court filing at $22.9 million, composed of $18.066 million in unpaid principal, unpaid interest totaling $2.6 million and protective advances totaling $2.3 million.

But in October of 2022, that case was discontinued when the bondholders through the special servicer LNR Partners, acquired title to the property in a transfer valued at $25.4 million, which in a foreclosure case is typically the total debt and interest.

Thor’s new owner entity 470 Broadway Owners LLC on July 7, 2023, bought the building back for $8.1 million, and this new loan is the first financing since then.

Prior sales and revenue

The 6,664-square-foot property generated revenue of $1.4 million or $216 per square foot, according to the most recent income and expense figures.

The property

The retail building in Little Italy has 6,664 square feet of built space and 10,083 square feet of additional air rights for a total buildable of 16,750 square feet according to a PincusCo analysis of city data. The parcel has frontage of 33 feet and is 100 feet deep with a total lot size of 3,350 square feet. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $16.7 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 $950 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 Little Italy, The bulk, or 33 percent of the 4.1 million square feet of commercial built space are office buildings, with walkup buildings next occupying 25 percent of the space. In sales, Little Italy has near average sales volume among other neighborhoods with $336.8 million in sales volume in the last two years and is the 27th highest in Manhattan. For development, Little Italy has had very little major development activity relative to other neighborhoods.It had 126,951 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 20 commercial properties representing 288,967 square feet of the 387,586 square feet. The largest owner is Himmel + Meringoff Properties, followed by Kpg Funds and then Lagfin.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 387,586 square feet of built space are office buildings, with retail buildings next occupying 26 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 $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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