Thor Equities’ troubles at 597 Fifth Avenue are mounting. The firm’s $105 million commercial mortgage-backed securities loan tied to the Charles Scribner’s Sons Building has gone into special servicing, according to a Trepp report. Joe Sitt’s firm has not made a loan payment on the 86,000-square-foot building since July. Thor’s attempt to pay off part of the loan at a discounted amount was rejected by the servicer, according to Trepp. The mortgage on the Midtown
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Target is opening yet another location in New York City. The big-box retailer has signed a lease at 258 Eighth Avenue in Chelsea, currently occupied by a sprawling — and bankrupt — New York Sports Club. Target will take up a 28,000-square-foot retail space in the base of a to-be constructed mixed-use rental building, according to a statement by a spokesperson for JJ Operating, who purchased the site in 2017 for $107 million. The building
A company tied to the Witkoff Group bought a vacant waterfront lot on Miami Beach’s North Bay Road for $8 million. The New York-based real estate investment and development group, led by Steve Witkoff, bought the nearly half-acre lot at 4766 North Bay Road, according to records. A spokesperson for the company did not return a request for comment. The seller was JPMorgan Chase Bank, which bought the property at public auction for $5.4 million
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Churchill Real Estate has filed a lawsuit against a company tied to CTW Realty’s Gary Tse in order to collect a $20 million foreclosure judgment. The lawsuit, filed in New York State Supreme Court, is Churchill’s apparent attempt to counter Tse’s recent move to seek Chapter 11 bankruptcy protection for the shell company, 381 Broadway Realty, which faces foreclosure and $23 million in debt, including $20 million from Churchill. In the complaint, Churchill alleges that
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Compass has tapped underwriters for a potential public offering that would be among the most buzzed-about IPOs in the residential world. The SoftBank-backed firm, which jolted traditional brokerages when it launched eight years ago, has hired Morgan Stanley and Goldman Sachs as underwriters, Bloomberg reported. It is looking at a potential IPO sometime in 2021. Founded in New York in 2012, Compass has raised more than $1.5 billion from investors including SoftBank, Fidelity, Wellington Management,
With Broadway dark, one actor is working his way back into the limelight in an unconventional fashion. Kyle Barisich, who played Raoul (and just about every other male role) in “The Phantom of the Opera” over 11 years, is now starring as the social media and marketing manager and broker for Compass’ CeeJack Team in Sag Harbor. “For actors, for people in the creative arts and for people in so many other industries that depend
Lendlease has promoted one of its veterans to lead the company’s New York construction operations. Steven Sommer, who has worked for the construction giant for more than three decades, is stepping into the role of executive general manager and president of New York construction, the company announced this week. Sommer will take over for Ralph Esposito, who left earlier this month to join Suffolk Construction as its president of Northeast and Mid-Atlantic region operations. Sommer