Thor Equities ups debt to $16M with Northeast Bank for office building in Flatiron District

Thor Equities through the entity Thor 139 5th Owner LLC as borrower signed a refi loan with lender Northeast Bank valued at $16 million for the office building (O5) at 139 Fifth Avenue in the Flatiron District, Manhattan.
The deal closed on December 23, 2025 and was recorded on December 30, 2025. The prior lender was Principal Real Estate Investors which held debt that had an original loan amount of $11 million. The property has 24,093 square feet of built space and 24,095 square feet of additional air rights for a total buildable of 48,190 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $664 and the price per buildable square foot is $332 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 Northeast Bank was Brian R. Doherty .

The property

The office building in Flatiron District has 24,093 square feet of built space and 24,095 square feet of additional air rights for a total buildable of 48,190 square feet according to a PincusCo analysis of city data. The parcel has frontage of 32 feet and is 138 feet deep with a total lot size of 4,819 square feet. The lot is irregular. The property is in the Ladies’ Mile Historic District. The city-designated market value for the property in 2022 is $16 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 $5,935 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 16, 2015. 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 Flatiron District, The majority, or 71 percent of the 23.2 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Flatiron District has 2.5 times the average sales volume among other neighborhoods with $742.4 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, Flatiron District has 3.2 times the average amount of major developments relative to other neighborhoods and is the 8th highest in Manhattan. It had 4.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 21 percent of the neighborhood’s built space. There were two 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 10 of the 22 commercial properties representing 561,200 square feet of the 953,165 square feet. The largest owner is Rosen Equities, followed by Klm Equities and then Ramer & Saperstein.
There are no active new building construction projects on this tax block.

The majority, or 91 percent of the 953,165 square feet of built space are office buildings, with mixed-use buildings next occupying 6 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 $289.9 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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