Sitt says NYC boom tale of two cities, tech migration: VIDEO

Thor founder points to political instability overseas as boon to Big Apple real estate

TRD New York /
Apr.April 29, 2014 06:20 PM

A tale of two cities is driving a booming retail, residential and office market, Joe Sitt, founder and CEO of Thor Equities, said on CNBC Tuesday.

Much of the New York boom, according to the Town Residential co-founder and chairman, is being driven by the pain felt in other markets.

“Markets like New York, San Francisco, Miami, Chicago, London are doing incredibly well with tremendous demand, and then the other markets in the rest of the world are hurting, probably driven by all of the political instability,” Sitt said on the program. “You’ve got lots of foreign buyers coming into markets like New York, anywhere from the Chinese and Russians that want to hedge themselves for the future, Ukrainians and Turks that thought they were in the perfect country, that are now seeing political instability, all the way to Brazilians and Argentinians who thought they were the safe ones.”

On the local level, he added, it’s also a tale of two cities between the old generation and the new, Sitt said. With the latter, the tech sector is a major player.

Rents are booming in every space, Sitt added, as the tech migration moves into New York City’s downtown. [CNBC]Julie Strickland

Related Articles

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

Thor facing foreclosure at Theater District building

Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

The Chicago condo deconversion craze is dying

Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, EDI International, and Azimuth)

The top 10 biggest real estate projects coming to NYC

Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Thor sells Bensonhurst big-box store for $75M

545 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)

Thor Equities on the verge of losing another building in Manhattan

AOC unveils rent regulation plan, Hong Kong real estate stocks are sinking: Daily digest

Introducing ThorLogis, Thor Equities’ ambitious plan to break into logistics and e-commerce