Thor Equities’ Theater District building at 725 Eighth Ave., which has been facing foreclosure from its lender, has been sold for $10.3 million, according to property records.
The buyer, EFT Capital Servicing, purchased the 8,300-square-foot site at a 20% discount from the $13 million Thor bought it for in 2013.
The property comes with a $16 million judgment against the real estate firm to recover the unpaid balance of the $11 million loan, plus interest.
Thor had leased the space to unsuccessful burger chain Wahlburgers, then planned to bring a Cabo Wabo Cantina, but the deal fell through and the company defaulted on an $11 million loan
→ Continue reading at Crain's New York Business
