Thor turns over Hell’s Kitchen retail valued at $10.3M to former lender

The entity Eft Capital Servicing, LLC acquired from Thor Equities through the entity Thor 725 8th Avenue LLC the mixed-use retail building (K2) at 725 Eighth Avenue in Hell’s Kitchen, Manhattan, valued at $10.3 million. The buyer bought the debt on the property in September 2021, so the transaction appears to be a deed-in-lieu structure.
The deal closed on November 1, 2021 and was recorded on November 18, 2021.
The property has 5,265 square feet of built space and 13,543 square feet of additional air rights for a total buildable of 18,810 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,957 and the price per buildable square foot is $548 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.)
Thor Equities bought the property on September 25, 2013, for $12.2 million.
The signatory for Thor Equities was Morris Missry.
(103946875)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 30, 2015.
The company Trans World Equities is located at the same address as buyer LLC.  Dan Forrester is a principal at Trans World Equities, which has an alternate spelling of Transworld Equities on LinkedIn. It is not known if there is a connection between the buyer and Trans World.

Within a 400-foot radius of 725 8th Avenue, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit application filed on June 18, 2020 for a 194,552-square-foot office building at 740 Eighth Avenue.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit issued on December 2, 2020 for the $2 million renovation of 286,260-square-foot R-2 building with 187 residential units at 750 8th Avenue.
Of those nine items, six were sales above $5 million totaling $1.7 billion. The most recent of the six was Shlomit Levy which bought the 5,166-square-foot, seven-unit retail building (K9) on 334 West 46th Street and one other property for $7.7 million from Assa Properties on November 12, 2021.
One of those nine items was a loan which Rockpoint Group and Highgate borrowed $160.0 million from Colony Capital secured by two condo units in the 26,883-square-foot, 1,332-unit mixed-use building (RC) on 700 8th Avenue on June 30, 2020.

Correction: A prior version of this story identified Trans World Equities as the buyer, based on signatures and the owner address. However it cannot be determined if that is correct.
Direct link to Acris document. link