Contact Us
News

Thor Sticks Former Developer Of Neighboring Lot With $2M Lawsuit

Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!

Thor Sticks Former Developer Of Neighboring Lot With $2M Lawsuit

Thor Equities is suing the developer and contractor of the site on the lot next to its retail property at 93 North 9th St. in Williamsburg.

The complaint, filed in New York State Supreme Court, details cracks and other damage it says were caused by developer Sydell Group and its contractor, Magnetic Builders Group, which are building a hotel right next door at 93-97 Wythe Ave., The Real Deal reports.

Thor is seeking to recover $2M that it says was lost in rent payments due to the damage, and it alleges Sydell and MBG ignored a stop-work order issued by the Department of Buildings.

Sydell does not own the site anymore; Ennismore Capital bought it in 2013. But the suit claims the original developer is still responsible for how the work is proceeding at the site. [TRD]