Thor Equities turns over 496 Broadway in SoHo to new owner, Hirshmark is lender
The entity 496 Broadway Fee Owner LLC acquired from Joe Sitt’s Thor Equities through the entity 496 Broadway LLC the four-unit mixed-use building at 496 Broadway in SoHo, Manhattan. The true identify of the new owner could not be identified. Hirshmark Capital owned the debt before the transfer and remained secured lender after the transfer with a $14.5 million loan. The transfer price was $12.9 million, lower than the loan value.
The deal closed on January 4, 2022 and was recorded on January 18, 2022.
The property has 9,713 square feet of built space and 1,476 square feet of additional air rights for a total buildable of 11,185 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,328 and the price per buildable square foot is $1,153 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 seller bought the property on August 26, 2013, for $20.9 million.
The signatory for Thor Equities was Morris Missry. The signatory for 496 Broadway Fee Owner LLC was Doris Shen of Hirshmark Capital.
Over the past 24 months, seller Thor Equities purchased one property in one transaction for a total of $78 million and sold or transferred 10 properties in eight transactions for a total value of $626.5 million over the same time period.
The 9,713-square-foot property generated revenue of $440,193 or $45 per square foot, according to the most recent income and expense figures.
(104812142)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 4 residential units on November 15, 2012.
In SoHo, the bulk, or 33 percent of the 13 million square feet of built space are office buildings, with residential elevator buildings next occupying 26 percent of the space. In sales, SoHo has 2.3 times the average sales volume in the city with $637.7 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 137,726 square feet of commercial construction under development in the last two years, which represents 1 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.
On the tax block, the majority, or 40 percent of the 511,519 square feet of built space are office buildings, with retail buildings next occupying 32 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Melissa Gliatta, head officer and Ignacio Acosta, site manager. The business entities were Rose Associates, Inc. and 496 Broadway LLC.
Within a 400-foot radius of 496 Broadway, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, four were sales above $5 million totaling $199.4 million. The most recent of the four was Crane Partners Asset Management which bought one condo unit in the 13,666-square-foot, 10-unit mixed-use building (RM) on 72 Mercer Street for $27.5 million from Vornado Realty Trust on December 17, 2021.
Of those 10 items, six were loans above $5 million totaling $307.3 million. The most recent of the six was Crane Partners Asset Management which borrowed $19.2 million from Woori America Bank secured by one condo unit in the 13,666-square-foot, 10-unit mixed-use building (RM) on 72 Mercer Street on December 17, 2021.
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