Thor Equities, a real estate development firm based in New York City, is reportedly facing foreclosure on its property located at 440 Broadway in Manhattan. The property, which is a five-story building with over 40,000 square feet of retail and office space, has allegedly fallen into default on its mortgage payments.
According to sources, the lender on the property, Bank of America, has initiated foreclosure proceedings against Thor Equities. The property is expected to go up for auction in the coming months, with a starting bid of $45 million.
Thor Equities acquired the property in 2015 for $51.5 million, and at the time, it was fully leased to a variety of retail and office tenants. However, since then, several tenants have vacated the building, leaving a significant portion of the space unoccupied.
The foreclosure of 440 Broadway is just the latest setback for Thor Equities, which has been facing financial difficulties in recent years. The company has reportedly been struggling to pay off debts and has faced several lawsuits from lenders and investors.
Despite these challenges, Thor Equities remains committed to its real estate projects in New York City and beyond. The company has several high-profile developments in the works, including a massive mixed-use project in Red Hook, Brooklyn, and a luxury residential tower in Miami.