Joe Sitt’s Thor Equities could soon lose yet another property. The owner of 545 Madison Avenue is looking to evict Thor, which paid $53 million for a ground lease at the building in late 2013, according to Crain’s. The arrangement essentially let Thor act as the property’s landlord in exchange for rental payments to the underlying owner Marx Realty. Thor started falling behind on rent payments as tenants left the property, and Marx Realty started […]
source https://therealdeal.com/2019/09/12/thor-equities-on-the-verge-of-losing-another-building-in-manhattan/
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