Thor Equities experiences financial distress in East Harlem, with the default on a $51 million loan for mixed-use buildings highlighting ongoing retail challenges impacting revenues.
The retail landscape for Thor's East Harlem properties has drastically changed, with previous tenants like IHOP and Duane Reade leaving, exacerbating financial stress on mortgage payments.
As Sitt ceases payments on the loan, a transfer to special servicing could provide room for negotiation, though it raises questions about Thor's future actions and solutions.
Thor's ongoing issues across properties, like the long-term foreclosure proceedings for 494 Broadway, illustrate the broader struggles the company faces in its retail ventures.
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