COVID-19’s impact on commercial real estate is beginning to show its ugly wake. In late April Steve Madden reportedly notified Thor Equities, led by founder and CEO Joseph Sitt, that they would not be renewing their 2,269 SF lease at 663 Lincoln Road, which represents roughly 45% of the building. The vacancy is being marketed for a replacement tenant and the building is also listed for sale asking $17.5 million with Tony Arellano and Devlin Marinoff of DWNTWN Realty Advisors.
Thor Equities is reportedly working towards relief after falling delinquent on payments for a $7.3 million CMBS loan which is backed by the building. In 2012 Thor Equities paid $15 million for the 5,000 SF Lincoln Road-fronting retail building which was built in 1935. Pizza Rustica leases 1,700 SF in the building at the 667 Lincoln Road address.
Thor Equities’ Miami portfolio also includes the ground-floor retail space at 605 Lincoln Road as well as several properties in Wynwood and Miami Design District.