J
oseph Sitt, chairman of Thor Equities, is facing another foreclosure threat to his Manhattan retail portfolio. A lawsuit was filed against him by a limited liability company alleging default on a $2 million loan at 195 Bowery on the Lower East Side. The loan was originally taken out from Signature Bank in 2018 and transferred to the Federal Deposit Insurance Corp. after the bank's failure last year. Sitt is now nearly $2 million behind on the balance, including interest and fees.

    This latest threat comes just a few months after Thor Equities lost two Manhattan retail properties to foreclosure. Maverick Real Estate Partners took control of 446 West 14th Street in the Meatpacking District, while Midland foreclosed on Thor at 440 Broadway in Soho due to alleged default on a $13.2 million loan.

    Despite these setbacks, Sitt is part of an activist investor group pushing Macy's to form a real estate unit, arguing its assets are worth up to $9 billion. The group, which includes Barington Capital, believes this move would unlock significant value for the company.