Days after picking up one Manhattan building, Thor Equities’ Joseph Sitt may be in danger of losing another.
Special servicer Rialto Capital Advisors filed to foreclose on 350 West Broadway in Soho, Crain’s reported. Ownership allegedly defaulted on a $15 million mortgage tied to the property’s commercial space, according to the Manhattan Supreme Court filing.
There’s uncertainty around the ownership of the building. Sitt and Elyahu Cohen were named as the guarantors of the debt, but Sitt is reportedly only a minority owner of the property. Joey Cohen’s Regal Ventures may be the majority owner of the building, though the firm claims to only be a property manager, not an owner.
Regardless, there’s a small paper trail linking the property to Sitt and Elyahu Cohen. After RFR sold the retail space in 2013 for $24.5 million, Sitt and Elyahu Cohen appeared on a 2020 document in city records tied to the refinancing of the mortgage.
The property as a whole stands 10 stories tall, tucked between Broome and Grand streets. It was redeveloped in 2008 to include 14,000 square feet of commercial space and seven residential condos on the upper levels.
Amazon’s AWS Startup Loft occupied the commercial space for several years, hosting a networking and event hub for entrepreneurs and software developers, according to Fitch Ratings. It left nine months ahead of its 2024 lease expiration, leaving the space largely vacant ever since.
Just last week, Thor purchased the property at 1359 Broadway from Empire State Realty Trust for $218 million. The deal for the 486,000-square-foot building breaks down to more than $448 per square foot.
Thor previously made big news in March when it purchased the fully leased, 58,000-square-foot office and retail building at 1165 Broadway in the NoMad district from David Haddad for $56 million.
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