Joe Sitt’s frequent partner is a front-runner to head the Fed

Gary Cohn has invested in several Thor ventures

TRD New York /
Aug.August 03, 2017 11:35 AM

President Donald Trump, Joe Sitt and Gary Cohn (Credit: Getty Images)

President Trump’s chief economic adviser Gary Cohn is a front-runner to become the next chairman of the Federal Reserve. And wouldn’t you know he has a connection to New York real estate — the former Goldman Sachs investment banker is an equity partner on at least five Big Apple properties owned by Joe Sitt’s Thor Equities.

Cohn is being considered for and is interested in the position, though he hasn’t said so publicly, Bloomberg reported. Former colleagues and Fed employees said Cohn would be a “bulldog guiding an institution of eggheads” if he ultimately gets the job. They described him as an aggressive person, who might not enjoy the policy-heavy aspects of the gig. Cohn would also be the first Fed chair since Paul Volcker not to have a Ph.D.

“I can’t see why he would want to spend all his hours in those meetings dealing with material that’s as dry as a bone,” Jay Dweck, a former Goldman partner, told Bloomberg. “He has no patience for that kind of stuff.”

But Christopher Pia, a friend of Cohn’s and former hedge funder, said that what Cohn “lacks in economic policy and political know-how, he makes up for in tenacity and loyalty.”

Though Trump criticized Janet Yellen on the campaign trail for keeping interest rates low for too long, Cohn would likely follow a similar course as his predecessor.

Cohn holds personal interests in or receives distributions from LLCs affiliated with Thor-owned buildings at 115 Mercer Street, 452 West Broadway, 98 Morningside Avenue, 1231 Third Avenue and 1566 Fifth Avenue, The Real Deal reported in April, citing financial disclosures released by the White House. He also holds a stake in Thor’s luxury shopping center at 65 Boulevard de la Croisette in Cannes, France. [Bloomberg] — Kathryn Brenzel

Related Articles


Make Greenland Great Again? Trump wants to buy Arctic territory

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Michael Cohen and Donald Trump (Credit: Getty Images, iStock)

Trump exaggerated building values to get financing, tax documents show

Alexandria Ocasio-Cortez, Bernie Sanders and Elizabeth Warren

By the numbers: Breaking down national housing agendas from the far left

Trump’s tax returns, Amazon gets into proptech: Daily digest

Nuveen CEO Vijay Advani, Blackstone President & COO Jonathan Gray and one of the Texas properties

Blackstone just sold off a 29M sf national industrial portfolio

These real estate billionaires made Forbes’ list of richest Americans

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

Thor sells Bensonhurst big-box store for $75M