Thor’s Joseph Sitt forms group, advocating improvements to N.Y.-area airports

TRD NEW YORK /
Jan.January 04, 2013 05:30 PM

Joseph Sitt has a sky-high goal — to improve the state of New York City’s airports.

The founder of Thor Equities has started Global Gateway Alliance, an advocacy group to improve operations at JFK, La Guardia and Newark Liberty International airports, Crain’s reported. A frequent flier and a major investor in the retail and tourism industries, Sitt said he was embarrassed by the state of what used to be considered aspirational airports.

“Forty years ago, we were rated the No. 1 airport,” Sitt said of JFK. “We’re now rated last, 26 out of 26 major airports in the world. That’s a mind-boggling statistic — from first to worst.”

The group aims to pressure governments to increase their investment in airport infrastructure, and will also look at issues such as overcrowding. The Port Authority of New York and New Jersey operates the three major airports in the city; the authority’s executive director Patrick Foye said that he welcomed the effort. “Many of our facilities are aging and in need of significant capital infrastructure investment to ensure the continued economic growth of the region,” Foye said.

Sitt has invested $1 million of his own money into the venture.

Thor’s recent deals include a partnership with Jeff Sutton to purchase 529 Broadway, a retail property in Soho, for $150 million. It also beat out potential buyer Vornado Realty Trust in a $277 million purchase of the retail space at the former Helmsley Carlton House on Madison Avenue from Extell. [Crain’s] – Hiten Samtani


Related Articles

arrow_forward_ios
Michael Shvo, Thor Equities’ Joe Sitt, Wharton Properties’ Jeff Sutton and 530 Broadway

Michael Shvo closes on Soho retail building for $382M

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities lands $87M loan for massive JFK warehouse project

Wharton Properties' Jeff Sutton, Thor Equities' Joe Sitt, 530 Broadway and Michael Shvo

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M

Thor Equities' Joe Sitt and 180 Livingston Street (Credit: Google Maps, iStock)

Brooklyn megachurch sues Thor for “putrid” leaks from Dallas BBQ

494 Broadway and Thor Equities' Joe Sitt (Credit: Google Maps)

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”

The beach in Tulum, Mexico, and Thor Equities Joe Sitt (Credit: Thor Equities LLC via Bloomberg)

Joe Sitt’s $100M plan for Pablo Escobar’s Tulum compound

93 North 9th Street in Williamsburg, Thor Equities' Joe Sitt, and a KAWS statue (Credit: Google Maps and Jim Bowen via Flickr)

Acclaimed artist KAWS pays $17M to expand Williamsburg studio

Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

arrow_forward_ios
Loading...