Imminent Foreclosure Sparks $25.4M Sale of 470 Broadway

LNR Partners has purchased the 6,600-square-foot retail building at 470 Broadway in SoHo for $25.4 million ($3,848 per square foot), having last traded in 2007 for $15.5 million ($2,348 per square foot). The sale by Thor Equities was made “in lieu of foreclosure” to the company that is the specialty services arm of Miami-based Starwood Property Trust. Foreclosure on the $20.5 million defaulted loan secured in July 2012 was filed in 2021, citing $22.9 million that Thor owed — $18 million in unpaid principal, $2.6 million in unpaid interest, and $2.3 million in protection advances, of which $17.5 million in CMBS debt had been overdue since 2020. Over the past decade, the property’s value had fallen from $29.2 million to $5.6 million according to a report by Trepp last year. Currently vacant, Aldo had occupied the 2-story building under a lease expiring in October 2023, but after defaulting on rent the shoe retailer filed for bankruptcy in 2020 and closed the store.