Thor, Premier Face Foreclosure at 25-27 Mercer Street in SoHo

Thor Equities and Premier Equities might lose their retail condominium in SoHo.

The firms are facing foreclosure at their 9,500-square-foot retail condo at 25-27 Mercer Street after defaulting on a $10 million loan for the property, according to a recent filing in New York Supreme Court in Manhattan.

Rialto Capital, which was assigned the loan with Blackstone from the now-defunct Signature Bank in May, filed the foreclosure action Monday against Thor and Premier just six days after notifying the firms they were in default, according to Crain’s New York Business, which first reported the news.

Thor and Premier owe $9.5 million on the $10 million loan, the filing shows. Spokespeople for Thor, Premier, Rialto and Blackstone (BX) did not immediately respond to requests for comment.

Thor and Premier bought the double-wide property between Canal and Grand streets in 2014 for $4.8 million, Crain’s reported.

Budapest-based clothing store Nanushka is currently at 27 Mercer Street, while the other half remains vacant after previous tenant Zcrave moved to 343 Canal Street.

The news of the potential foreclosure comes after Thor offloaded several properties in SoHo in the past few years, including Dolce & Gabbana’s former home at 155 Mercer Street, Sunglass Hut’s store at 496 Broadway, and Foot Locker’s post at 440 Broadway, according to Crain’s.

However, Thor is making big moves elsewhere in the city.

Thor, along with Saratoga Casino Holdings, the Chickasaw Nation and Legends, have proposed a $3 billion casino project on Brooklyn’s Coney Island boardwalk.

If the joint venture wins one of three gaming licenses set to be awarded in the city, the development would include a 500-key hotel, a 2,500-seat concert venue, 70,000 square feet of retail, and 90,000 square feet of meeting and event space, as Commercial Observer previously reported.

Isabelle Durso can be reached at idurso@commercialobserver.com.