UPDATED, 11:44 a.m., Jan. 28: Real estate scion Jack J. Sitt, the son of Thor Equities’ Joseph Sitt, has chosen a Williamsburg retail building as the site of his second New York City investment. He is planning renovations on the site including a new retail facade and roof.
The younger Sitt’s company, Colt Equities, picked up 93 North 9th Street between Berry Street and Wythe Avenue, for $9 million, according to the New York Post. The seller, Imperium North Ninth, paid just $4.5 million for the 10,000 square foot retail space in 2012.
The Real Deal has obtained renderings of Sitt’s planned makeover of the site.
“With its ideal location and blank-slate interior, 93 North 9th Street is a retail gem in the epicenter of Brooklyn’s trendiest neighborhood,” Sitt said in a statement. “As Williamsburg continues its remarkable transformation, this property represent a remarkable opportunity for a number of retail brands.”
Sitt’s first New York buy took place in May 2014 when he purchased a commercial ground lease at a Soho parking lot, which he purchased out of bankruptcy in partnership with Ruby Ventures. [NYP] — Tess Hofmann