Ilan Bracha scoops up Scribner sidekick after Thor flop

Ilan Bracha has snapped up the smaller neighbor of the Scribner Building after both properties slipped back to the lender in a foreclosure sale. Bracha’s IB Global closed on the vacant 15,000-square-foot office and retail building 3 East 48th Street for $9.5 million, a source with knowledge of the deal said. The sale represents the official next chapter for one of Joe Sitt’s former Midtown buildings that fell into distress after Thor Equities defaulted on its loan.  The deal reflects the steep reset in Midtown’s older office and retail stock, as a pair of once-prized Fifth Avenue buildings are being […] This article originally appeared on The Real Deal. Click here to read the full story.