Thor’s 440 Broadway in SoHo set for $10.7M foreclosure auction in July
440 Broadway (Credit - Google)
The court-appointed referee for the foreclosure case related to Thor Equities’ retail property at 440 Broadway, located in SoHo, Manhattan, set July 17, 2024, as the date for the auction for the asset with a judgment of $10.7 million, according to court records published yesterday for case 850241/2023.
The retail building in SoHo has 5,771 square feet of built space and 9,176 square feet of additional air rights for a total buildable of 14,945 square feet according to a PincusCo analysis of city data. The parcel has frontage of 30 feet and is 98 feet deep with a total lot size of 2,989 square feet. The property is in the SoHo-Cast Iron Historic District. The city-designated market value for the property in 2022 is $8.2 million.
Thor Equities, a global real estate investment firm, largely shifted its focus to industrial and logistic assets but still owns significant retail in major cities around the world including in New York, Paris, Milan, Mexico City and elsewhere.
Prior sales and revenue
Thor Equities paid $12 million for the property on January 23, 2008.
The 5,771-square-foot property generated revenue of $1.4 million or $243 per square foot, according to the most recent income and expense figures.
In April 2023, the trustee of a securitized loan, Morgan Stanley Bank Of America Merrill Lynch Trust 2013-C7, with an original principal of $13.25 million, filed a pre-foreclosure action against an affiliate of Joseph Sitt’s Thor Equities, which owns the retail building. The loan was allegedly in default since the loan matured in January 2023 and was not paid off, according to the complaint.
The block
On this tax block, PincusCo has identified the owners of four of the 11 commercial properties representing 122,499 square feet of the 230,963 square feet. The largest owner is KPG Funds, followed by Spear Street Capital and then Tokyo Trust Capital. There are no active new building construction projects on this tax block.
The surrounding
Within a 400-foot radius of 440 Broadway, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months. Of those seven items, two were sales above $5 million totaling $68.1 million. The most recent of the two was Spear Street Capital which bought the 30,034-square-foot, five-unit office building (O5) on 32 Howard Street for $48.1 million from Intercontinental Real Estate and KPG Funds on October 12, 2023. Of those seven items, five were loans above $5 million totaling $204.8 million. The most recent of the five was Spear Street Capital in which borrowed $21.8 million from Voya Investment Management secured by the 30,034-square-foot, five-unit office building (O5) on 32 Howard Street on April 16, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.