Thor Equities Records $217.5M Deed for 1359 Broadway

The buyer matters as much as the price. Thor Equities is a retail and mixed-use owner that has been active in New York, and a Broadway office acquisition by that buyer is a data point for developers weighing repositioning plays near the Garment District and Herald Square. Our other New York market coverage tracks the same buyer’s recent Manhattan financing activity.

The numbers

The record is a single deed on Manhattan block 812, lot 22. The instrument is dated Oct. 29 and was recorded Nov. 4, so the gap between signing and recording was six days. The seller is ESRT 1359 Broadway, L.L.C. and the buyer is Thor 1359 Broadway, LLC, both single-asset entities, which is standard for a trade of this size.

We pulled the document directly from the live City Register rather than the lagging open-data mirror. Its recorded price is $217,500,000. We did not find a mortgage recorded against the lot in the same filing window, so we cannot say yet how Thor financed the purchase, and we are not inferring a loan size.

What’s next

Watch for two follow-on records. A mortgage or assignment recorded against block 812, lot 22 would show whether Thor is leveraging the purchase and with which lender. Any Department of Buildings job filed under the new owner would be the first signal of a repositioning, renovation or tenant buildout plan.

For ESRT, the closing proceeds will show up in its next quarterly filing, which is where its use of the cash should become clear. We will update this story if either record appears.