therealdeal.com – Joseph Sitt’s big play on Madison Avenue hasn’t gone according to plan.
Sitt’s Thor Equities is looking to refinance the expensive retail condo it bought at 680 Madison Avenue in 2013 at the base of former Helmsley Carlton House. But the property is operating at a net loss after the biggest tenant stopped paying rent last year.
Thor’s $185 million loan on the property is maturing in August, but the 30,000-square-foot condo was operating at a net loss of $313,834 during the first quarter, according to a property report Trepp, which tracks the securitized mortgage.
Categories: Real Estate