Sitt Asset Management | The Real Deal New York

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Sitt Asset Management

1 Pennsylvania Plaza
New York, NY 10119
(646) 414-6596
Website

Sitt Asset Management is a family-owned real estate investment firm based in New York City, and previous run by the four sons of Marilyn Sitt. As of 2015, its principals include two of the four brothers, Ralph and David Sitt. Two other former principals, Jack and Eddie, are no longer active managers at the firm, having split acrimoniously with Ralph, David, and Marilyn, but continue to be passive owners of stakes in the firm. The four brothers each own a fifth of Sitt Asset as does Marilyn, according to court documents. Sitt Asset Managements portfolio includes office buildings, shopping centers, strip malls, and residential developments. These include 2 Herald Square, 450 Broadway, and 34 Gansevoort Street. MK


06/27/18
...s Secret and the building’s previous owner, Sitt Asset Management, have agreed to an arbitration proceeding scheduled for July 18. According to Victoria’s Secret...

05/10/18
...Green declined to comment. The Sitt family’s Sitt Asset Management, which bought the 70-year leasehold for $275 million in 2007, no longer has any equity in...

03/28/18
...respond to a request for comment. JSRE and Sitt Asset Management previously purchased a mixed-use Soho building in 2014 at 145 Spring Street for $26 million. The company...

01/16/18
...is still involved in his family’s firm Sitt Asset Management, is planning a long-term hold of the unit, sources said. But the leases are...

01/15/18
...facing a foreclosure auction as soon as February. Sitt Asset Management was founded in 2001 by the four Sitt brothers and their father (whose stake was...

11/21/17
...much of this year. The leasehold’s owners, Sitt Asset Management and more than 80 limited partners, cannot stop the auction from taking place. The next...

11/17/17
...Secret is the building’s only retail tenant. Sitt Asset Management and more than 80 investors own the property, which has been facing a flurry of...

10/04/17
...day that goes by brings more fear for Sitt Asset Management, which owns the leasehold. If Paramount doesn’t close the deal by sometime in...

...day that goes by brings more fear for Sitt Asset Management, which owns the leasehold. If Paramount doesn’t close the deal by sometime in...

08/08/17
...Paramount, which has a preferred equity stake in Sitt Asset Management’s 2 Herald Square, is expected to take control of that property’s leasehold later...

08/04/17
...up to $100,000 a day while the family-run firm Sitt Asset Management, which owns the building, dukes it out in court, according to CO. The more...

06/16/17
...the senior debt holders, a source told CO. Sitt Asset Management paid $270 million for the leasehold on the 11-story, 354,000-square foot property in 2007. The four...

06/14/17
...Elsewhere in the CMBS market last month was Sitt Asset Management...

06/13/17
...position to take control of the leasehold for Sitt Asset Management’s 2 Herald Square, sources familiar with the negotiations told The Real Deal. Paramount , a...

05/25/17
...signing a 56,000-square-foot lease across three floors of Sitt Asset Management’s 2 Herald Square, but the deal fell through in April, sources told The Real...

05/17/17
...could soon pay $350 million for the leasehold of Sitt Asset Management’s 2 Herald Square, according to reports. The deal is a “strategic alliance,” sources told...

05/15/17
...Green Realty bought $250M in CMBS debt on Sitt Asset Management’s 2 Herald Square. The loan went into special servicing in March and matured in...

04/27/17
...From left: 2 Herald Square, Jack and Eddie Sitt Sitt Asset Management is reportedly shopping its leasehold interest at 2 Herald Square, where the company's $250 million loan...

04/21/17
...accused their cousins of concealing commissions related to Sitt Asset Management’s $27 million sale of the Venetian in Brooklyn in 2014. Daniel and Joseph have since...

04/17/17
...-year CMBS loan, provided by Wells Fargo to Sitt Asset Management, was extended for six months, sources familiar with the deal told The Real Deal...

04/07/17
...firm Status Capital and not the family company Sitt Asset Management, which is embroiled in a legal dispute. The company, which owns prime retail at...

12/28/16
...Midwood neighborhood for $27 million back in 2014. The seller, Sitt Asset Management, had developed the Venetian as a condo site before the market downturn. Six months...

11/17/16
...Sitt of the family-run real estate investment firm Sitt Asset Management will receive equal payments from deals made at 2 Herald Square, a judge ordered last...

11/16/16
...is close to signing a 122,000-square-foot lease at Sitt Asset Management...

11/16/16
...is close to signing a 122,000-square-foot lease at Sitt Asset Management’s 2 Herald Square.CBRE’s Derrick Ades and Barry Finkelman are representing WeWork, according...
Sitt Asset Management, Co-Founder
1 Pennsylvania Plaza, New York, NY, (646) 414-6596
David Sitt is a real estate investor and a member of the Sitt...
Sitt Asset Management, Co-Founder
1 Pennsylvania Plaza, New York, New York, (646)-414-6596
Eddie Sitt is a New York City-based real estate investor and a member...
Sitt Asset Management, Co-Founder
1 Pennsylvania Plaza, New York, New York, (646)-414-6596
Jack Sitt is a New York City-based real estate investor and member of...
  • Event Financing
  • Address 715 Madison Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Square feet 9,546
  • Price $ 258,588,333
  • Publication Date 05/01/2017
  • Event Date 03/23/2017
  • Party 1 Sitt Asset Management, JRE Asset Management
  • Party 2 Banque J. Safra Sarasin
notes
The entity secured a $25.9 million loan from Luxembourg-based Banque J. Safra Sarasin.
  • Event Sales
  • Address 715 Madison Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Square feet 9,546
  • Price $ 61,500,000
  • Price per foot $ 6,442.48
notes
The 7-unit property in the Upper East Side was purchased for $61.5 million.
  • Event Office Leasing
  • Address 1328 Broadway
  • Neighborhood Koreatown
  • Borough Manhattan
  • Square feet 122,000
notes
The co-working giant signed a lease.
  • Event Sales
  • Address 1369 Broadway
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 40,000
  • Price $ 38,900,000
  • Price per foot $ 972.50
  • Publication Date 06/01/2015
  • Event Date 04/22/2015
  • Party 1 Sitt Asset Management, Sutton Equity
  • Party 1 Brokerage Moshe Group
  • Party 1 Broker Moshe Majeski
  • Party 2 Moshe Piller
  • Party 2 Brokerage Moshe Group
  • Event Sales
  • Address 42596 Prince Street
  • Neighborhood Downtown Brooklyn
  • Borough Brooklyn
  • Price $ 22,500,000
  • Event Sales
  • Address 159 and 161 Prince Street
  • Neighborhood SoHo
  • Borough Manhattan
  • Price $ 30,000,000
  • Publication Date 11/01/2014
  • Event Date 09/17/2014
  • Party 1 Bapple Real Estate
  • Party 1 Broker Nick Spanos
  • Party 2 Sitt Asset Management
  • Event Sales
  • Address 240 West 40th Street
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 159,774
  • Price $ 63,000,000
  • Price per foot $ 394.31
notes
The property sold for $63 million.
  • Event Sales
  • Address 711 Madison Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Price $ 48,000,000
notes
The property sold for $48 million.
  • Event Retail Leasing
  • Address 414 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 7,521
notes
The outdoor clothing retailer signed a lease for another location.
  • Event Sales
  • Address 450 Broadway
  • Neighborhood Soho
  • Borough Manhattan
  • Square feet 13,760
  • Price $ 11,000,000
  • Price per foot $ 799.42
notes
The property sold for $11 million. Sitt Asset Management plans to fix up the building with the aim of signing a net lease for the entire property with a mid- to high-level fashion tenant.
  • Event Sales
  • Address 1370 Broadway
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 275,000
  • Price $ 125,000,000
  • Price per foot $ 454.55
notes
The property sold for $125 million. The building went into contract in November 2011. Sitt Asset Management and Carlton Associates bought the property in 2003 from SL Green Realty for $57.18 million.
  • Event Retail Leasing
  • Address 1369 Broadway
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 400
notes
The coffee and donuts chain signed a lease.
  • Event Office Leasing
  • Address 1369 Broadway
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 13,350
  • Price per foot $ 40.00
notes
The apparel company signed a lease for three floors.
  • Event Office Leasing
  • Address 414 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 6,525
notes
The contract furniture firm signed a 10-year lease.
  • Event Office Leasing
  • Address 414 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 6,525
notes
The contract furniture firm signed a 10-year lease.
  • Event Office Leasing
  • Address 1370 Broadway
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 16,786
  • Publication Date 09/01/2010
  • Event Date 07/23/2010
  • Party 1 Sitt Asset Management
  • Party 1 Brokerage In-house
  • Party 2 Jay Suites
  • Party 2 Brokerage JLL
  • Party 2 Broker Sean Black
notes
The office space provider signed a 10-year lease for the entire fifth floor.
  • Event Office Leasing
  • Address 414 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 7,968
  • Price per foot $ 70.00
notes
The law firm inked a 10-year lease on the fourth floor. The company is relocating its offices.
  • Event Office Leasing
  • Address 414 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 7,968
  • Price per foot $ 70.00
notes
The law firm inked a 10-year lease on the fourth floor. The company is relocating its offices.
  • Event Retail Leasing
  • Address 414 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 2,616
notes
The denim retailer inked a 10-year lease with a five-year option. The reported asking rent was $400 per square foot.
  • Event Office Leasing
  • Address 2 Herald Square
  • Neighborhood Penn Plaza
  • Borough Manhattan
  • Square feet 57,200
  • Price per foot $ 60.00
notes
The college signed a 15-year lease for the fourth and fifth floors to expand its Herald Square space. The school also has 25,000 square feet at 1 Herald Square, 20,000 square feet at 875 Sixth Avenue and 100,000 square feet at its Brooklyn campus.
  • Event Office Leasing
  • Address 180 Madison Avenue
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 1,750
  • Publication Date 09/01/2008
  • Event Date 07/23/2008
  • Party 1 Sitt Asset Management
  • Party 2 Brightstar Healthcare
  • Party 2 Brokerage NYCRS
  • Party 2 Broker Jack Krupey
notes
The healthcare provider signed a seven-year lease.
  • Event Office Leasing
  • Address 180 Madison Avenue
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 2,533
notes
The Sri Lanka-based lingerie company inked a lease.
  • Event Sales
  • Address 180 Madison Avenue
  • Neighborhood Garment District
  • Borough Manhattan
  • Square feet 275,000
  • Price $ 150,000,000
  • Price per foot $ 545.45
notes
The property sold for $150 million, or $540 per square foot. The seller acquired the building four years ago for $91.5 million.
  • Event Sales
  • Address 414-418 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Price $ 70,000,000
  • Event Sales
  • Building Name 414-418 West 14th Street
  • Address 418 West 14th Street
  • Neighborhood West Village
  • Borough Manhattan
  • Square feet 28,000
  • Price $ 70,000,000
  • Price per foot $ 2,500.00
notes
The two buildings sold for $70 million, or an area record of $2,500 per square foot. The buyer plans to reconfigure the space for five levels with more than 46,000 square feet of retail and office space, including a penthouse and selling basement. The sellers originally purchased the properties in March 2006 for $18.5 million.
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12/28/16
...Midwood neighborhood for $27 million back in 2014. The seller, Sitt Asset Management, had developed the Venetian as a condo site before the market downturn. Six months...

...Deal. For example, his cousin, Edward Sitt of Sitt Asset Management, which owns six properties in NYC, owns the house next door, at 162 Norwood Avenue...

...providing retailers with high visibility and solid co-tenancy.” Sitt Asset Management  The firm, headed by brothers Eddie, Ralph and David Sitt, snapped up seven properties...

...Other notable owners on the top 20 list include Sitt Asset Management, which owns 2 Herald Square, with tenants including H&M and Victoria’s Secret...

...annual return on equity of 167 percent.   Sellers: Sitt Asset Management, Carlton Associates Address: 1370 Broadway Total profit: $68.9 million Annual return on equity: 158 percent Sitt Asset...

...the building’s owners — the Carlyle Group and Sitt Asset Management — expected to fetch for the space two years ago, sources said. It also includes...
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