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Thor Equities' Harlem Rental Building Faces Foreclosure


450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
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Thor Equities Sued Over Stefano Ricci Design District Store


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Thor Chairman Joe Sitt, Stefano Ricci CEO Niccolo Ricci and the Miami store. (Getty, Thor, Miami Design District)
 
A mortgage trustee is suing affiliates of Thor Equities and fashion house Stefano Ricci, as well as Thor Chairman Joe Sitt, over an alleged unpaid loan on a Miami Design District property, with the plaintiff seeking foreclosure or receivership.
At issue is $17 million in an unpaid loan by the Thor affiliate, according to documents filed in Miami-Dade Circuit Court last month. Wellington Trust is the mortgage trustee and plaintiff in the case, and Midland Loan Services is the special servicer for the loan on the property at 118 to 120 Northeast 39th Street, home to a Stefano Ricci store. ....

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Qatari Royalty Purchases Manhattan retail building from Thor Equities


 
A member of the Qatari royal family has purchased a Flatiron retail building from Thor Equities for $40 million.
Sheikh Thani bin Abdullah Al Thani purchased the 17,600-square-foot-property at 164 Fifth Avenue from Joe Sitt’s firm at $2,272 per square foot, records show. The five-story building is fully leased to Alo Yoga and sits between 21st and 22nd streets. Alo Yoga has 15 years left on its lease.
The site is also home to Sutra, a new restaurant led by celebrity chef Matthew Kenney focusing on plant-based cuisine.
Thor announced the building’s sale two weeks ago in a release, but did not disclose who acquired it. A deed recorded Wednesday revealed Al Thani as the buyer. ....

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