Thor Equities Refinances SoHo Retail Condo for $40M

Joe Sitt’s Thor Equities has refinanced its SoHo retail condominium at 470 Broome Street, recording a $40 million debt package with Webster Bank against a property it and partner Premier Equities paid $45 million to buy in 2015.

Why it matters

A $40 million loan against an asset bought for $45 million eleven years ago is a data point on where SoHo retail values sit now. ACRIS shows the August 25 filing is an assignment and modification (AL&R) of the existing loan rather than a document that by itself proves fresh purchase money: it assigns Thor and Premier’s mortgage to Webster Bank, pairs it with a new $1,469,481.89 gap mortgage, consolidates the debt into one $40 million loan, and records a new assignment of leases and rents. Premier Equities is not a new partner brought in for this deal. The record shows it has held 470 Broome alongside Thor since the original 2015 purchase.

The numbers

Thor 470 Broome Owner LLC and Premier 470 Broome St. II LLC hold the ground-floor, second-floor and cellar retail condominium units at 470 Broome Street, spanning three separate condo lots on the same block, according to ACRIS. That same ownership group, then filing as Thor 470 Broome LLC and two Premier entities, bought those units for $45 million in February 2015 from Bianca USA Real Estate Inc. The new Webster Bank package, dated August 13 and recorded August 25, 2026, totals $40 million, about 89 percent of the 2015 price, built from an assignment of the prior mortgage, the gap mortgage, a consolidation and modification agreement, and the new assignment of leases and rents.

What’s next

New York retail landlords have spent years waiting for SoHo asking rents to climb back toward their old peak, and a refinancing priced close to a decade-old purchase basis is evidence that climb has been slow. Thor and Premier now carry $40 million in debt on a condo the partnership has held since 2015, a structure that reads as holding the position through a new lender rather than pulling meaningful equity out of it.