Thor Equities And Premier Equities Secure $40 Million Refinance Loan From Webster Bank For SoHo Condo
470 Broome Street
$40,000,000
$2,369/SF
Building Size
16,884 SF
Asset Type
Condo
Closing
Aug 13, 2026
About this deal
AI
The asset involved in this transaction is a condo located at 470 Broome Street in the SoHo market of Manhattan, encompassing a total of 16,884 square feet. The refinance was conducted at a value of $40 million.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $40,000,000
- Address: 470 Broome Street
- Market: SoHo, Manhattan
- Asset Size: 16,884 SF
- Lender: Webster Bank
- Landlord: Joseph J. Sitt - Thor Equities
- Landlord: Uzi Ben Abraham - Premier Equities
- Loan Type: Refinance
The transaction involved two prominent landlords: Joseph J. Sitt, representing Thor Equities, and Uzi Ben Abraham, representing Premier Equities. The refinancing was specifically for three retail condo units at the aforementioned address.
On the Map
$40,000,000
$2,369/SF
Condo
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Players
New York Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93