Sitt closes on 432 Park pad after trying in vain to flip contract

Thor chief had been eyeing quick $6M profit on $19M pad

TRD New York /
Jul.July 14, 2016 07:30 AM

It appears that Joseph Sitt couldn’t wriggle his way out of a deal to buy an apartment at 432 Park Avenue.

The Thor Equities TRData LogoTINY chief was trying to flip his contract on an apartment at the the skinny skyscraper, according to sources, much to the chagrin of the building’s developer, Harry Macklowe. But public records show he finally closed on the unit July 1 for $18.85 million.

A spokesperson for Sitt was not immediately available for comment.

Sitt first inked a contract to buy the unit on the 63rd floor of the building several years ago in a “friends and family deal.” But he quickly turned around and tried to score a profit of more than $6 million by attempting to flip the contract, according to people with knowledge of the situation. If Sitt had reassigned his contract under the terms of the early-bird deal he signed, he would have had to give Macklowe a cut of the profits, sources said. But he allegedly tried to cut Macklowe out.

Those allegations emerged in a lawsuit filed in June by Wendy Maitland, former president of sales at Town Residential, against the residential brokerage co-owned by Sitt.

Maitland suggested that Sitt’s alleged bad behavior at 432 Park may have cost Town a major assignment to market One Wall Street,also developed by Macklowe.

“I feel like a cop on the beat with Joe, always having to watch out for what he’s going to try next to get around the rules,” Maitland alleges she was told by one Macklowe Properties employee.


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

Michael Shvo closes on Soho retail building for $382M
494 Broadway and Thor Equities' Joe Sitt (Credit: Google Maps)

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

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”
432 Park Avenue with apartment unit #65A and Luis Felipe (Credit: StreetEasy and Getty Images)

A 432 Park condo has traded hands 4 times — this time at a loss

A 432 Park condo has traded hands 4 times — this time at a loss
Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Thor facing foreclosure at Theater District building
Harry Macklowe, Linda Macklowe and 432 Park Avenue (Credit: Getty Images)

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court

The latest in Harry Macklowe’s divorce: Linda’s appeal killed in court
Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Thor sells Bensonhurst big-box store for $75M

Thor sells Bensonhurst big-box store for $75M
From left: 116 University Place, J.K. Simmons, Alex von Furstenburg and 432 Park Avenue (Credit: Streeteasy and Getty Images)

These are the most notable luxe residential sales around NYC this week

These are the most notable luxe residential sales around NYC this week
432 Park Avenue 

Two 432 Park Ave. pads sell for $61M

Two 432 Park Ave. pads sell for $61M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...