ML-Implode News - Thor Equities loses control of $50 million property (R.E. EMPIRE FLAILS AMIDST RETAIL DOWNTURN)

The takeover appears to be a costly loss for Thor, which purchased the 41,279-square-foot rental apartment and retail building at the corner of East 71st St. for $52.5 million in 2013. After acquiring the 4-story building, which has roughly 15,000 square feet of retail space on the ground and basement levels and 34 apartments above, Thor added upgrades, repainting the facade, installing a roof deck for residents and substantially renovating the retail space. After the upgrades, Thor leased a portion of the space to New York Sports Club and a Sprint cellular phone store, but the bulk of the most valuable section along Third Avenue has sat vacant.
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Losing the property is the latest in a string of bad news for the firm. Thor lost its interest in three valuable retail properties that had been purchased for almost $900 million after defaulting on an $85 million loan from its partner GGP in the properties, according to The Real Deal. In March, Thor and a partner dumped a 70-unit apartment building on the Upper West Side for $65 million--a $2 million loss from what they paid for the property four years ago.

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Thor Equities loses control of $50 million property (R.E. EMPIRE FLAILS AMIDST RETAIL DOWNTURN)