The Real Deal New York

Joseph Sitt’s son drops $9M on Williamsburg retail building

93 North 9th Street is the real estate scion’s second NYC purchase
January 28, 2015 11:14AM

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 StreetBetween 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

  • robert dicker

    wrong sitt baby!

  • Machine Gun

    Wrong Sitt, Wrong Seller

  • hellothere

    SITTing duck?

  • branded

    Hey.. thats not the jack sitt i know

  • riter

    Mr. Korangy: I am getting tired of reading about the same families. Dont make the mistake that Stoller made with his show. He kept having the same Israeli show after show until I stopped watching. There must be other real estate news other than the SY trying to outdo the SY story.

  • Koseh Nanat

    “Thanks for the money and all the broker contacts daddy. Now I don’t have to work hard like the other investors in the city….suckers”

    • Broker

      Koseh, I agree with you on that one

    • khiramtudanet

      if you had a son, you would do exactly the same to help him learn. you are just a jealous Iranian that only wishes he escaped the hell hole of a nation earlier. joe worked his ass off for decades. don’t discredit him or his family. asshole.

      • Chaharetah Gaeedam

        Joe Sitt is a good man, who I respect a lot. It’s the second generation silver spoon sons who don’t know the value of a good day’s work.

        How’s it going Joe Sutton?

        • Koskesh Nabash

          agreed, the next generation silver spoons are stealing credit from their fathers…but those men have come a long way and can spoil their offspring…

  • JC

    Haters are just jealous

  • brian matt

    put the kippa picture back