Thor Equities is back on Broadway in SoHo, quietly buying back 440 Broadway, the slim retail building it lost to foreclosure last year. The deal puts a long-standing storefront back under Joe Sitt’s umbrella and comes as the firm starts shopping again across Manhattan. In a neighborhood still shaking off a wave of retail churn, it is a small but telling pivot.
Thor Reacquires 440 Broadway
According to Crain's New York, Thor has repurchased the SoHo property at 440 Broadway from the bondholders that took control after a foreclosure. The April 10 announcement did not disclose a sale price or how the deal was financed. Thor did not immediately respond to requests for comment, Crain's reported.
How the Building Changed Hands
Public records and prior reporting show that bondholders for a CMBS trust seized the retail property through a judicial foreclosure, with the transfer recorded in August 2024. PincusCo notes that the Series 2013-C7 trust closed on the transfer on August 16, 2024, while The Real Deal previously detailed the pre-foreclosure filing tied to an approximately $13.2 million loan in 2023. Through it all, a large Foot Locker on the ground floor kept paying rent, giving the building some ballast during the legal wrangling.
A Broader Pattern Of Buying And Pressure
The buyback follows closely on the heels of Thor paying about $56 million for a NoMad office-and-retail property in late March, a deal covered as a $56 million Broadway corner gem. Taken together, the recent purchases suggest Thor is selectively regaining and adding assets even as other parts of its portfolio face pressure from lenders.
What Comes Next
With a long-term national retailer in place and a relatively compact building to manage, industry watchers say Thor may simply hold 440 Broadway for stable income or refinance it rather than race for a quick flip. Deed and mortgage filings in ACRIS will eventually spell out the buyer entity and any new financing once the transaction is fully recorded. For now, the move is a modest but clear signal that Thor wants to reassert its grip on at least a few key SoHo storefronts.
