Joseph Sitt’s commercial real estate powerhouse, Thor Equities, announced last month that it is launching a new residential division, Crain’s reported.
The division will focus on acquisitions and development of residential properties, with a focus on Manhattan rental buildings.
To launch the new division, Sitt is partnering with Alan Klein and Jonathan Fishman, both formerly of Stonehenge Partners, which owns and manages some 3,000 residential apartment units.
“Residential real estate is booming in many American cities, presenting Thor with a one-of-a-kind opportunity to enter this expanding market,” Sitt said in a statement. “Utilizing the same strategy that we have successfully implemented in the commercial sector, this new sector will help round out our portfolio and present additional opportunities in the marketplace.”
Midtown-based Thor, which owns a portfolio of more than 15 million square feet of space around the world, has traditionally specialized in commercial and retail real estate, with projects such as the renovation and leasing of the Takashimaya building at 693 Fifth Avenue. Thor currently owns a stake in brokerage TOWN Residential, but the new venture otherwise marks a first for the firm.