Joseph Sitt | The Real Deal New York

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Joseph Sitt

CEO
Thor Equities
25 West 39th Street
New York, NY 10018
212 529 5055
Website

Joseph Sitt is the CEO of Thor Equities, the privately held development and ownership firm he founded in 1986. He is one of the more active developers in New York City.

Sitt is perhaps best known for his long-term redevelopment of much of the Coney Island, Brooklyn, waterfront (he grew up nearby). That effort started in 2001, when Sitt began buying up more than 10 acres, much of it rundown, with the idea of rebuilding it as a Vegas-style resort complete with new condos, hotels and a water park. The Bloomberg administration, however, opposed the rezoning for Sitt's plans, and he sold most of his Coney Island holdings in late 2009.

Sitt owns several other properties in Brooklyn, including the Livingston Shoppes mall, and in Manhattan, where he developed the 457-unit Greenwich Club condo building in the Financial District.

Sitt, who was born in 1964, got his business start with the Ashley Stewart clothing chain, which he sold in 2000.


“It was definitely the last option”: Heiberger breaks down Town’s downfall at TRD forum
05/14/18
...Heiberger placed the blame on Town’s backer, Joseph Sitt of Thor Equities. The two sparred publicly in 2013 and 2014 over a failure to meet...

The death of the brokerage
05/02/18
...bitter dispute between Heiberger and his financial backer, Joseph Sitt. After the two buried the hatchet, Town seemed to be on relatively stable ground...

The death of the brokerage
...bitter dispute between Heiberger and his financial backer, Joseph Sitt. After the two buried the hatchet, Town seemed to be on relatively stable ground...

Town Residential shutting down sale, leasing business
04/19/18
...in 2010 and a year later brought retail mogul Joseph Sitt aboard as a major investor. The firm grew rapidly: By 2015, it was the fifth-largest...

Thor, Premier file plans for Upper East Side resi building
03/14/18
...From left: Yaron Jacobi Uzi Ben-Abraham, Joseph Sitt and 1297-1299 Third Avenue UPDATED, 6:42 p.m. March 15: Premier Equities and Joseph Sitt’s...

Town to close UES office, move staff into flagship at 888 Seventh Ave.
03/09/18
...to cut expenses. In 2016, Heiberger bought out partner Joseph Sitt...

A look at real estate’s gender divide on International Women’s Day
03/08/18
...she felt overwhelmed and went to her boss, Joseph Sitt, who told her that she could work part-time for as long as she needed...

Manhattan retailers threatening to get out of Dodge if landlords don’t cut rent
02/27/18
...Mercer Street and Joseph Sitt Facing high costs and lower than expected profits, retailers on some of Manhattan's most...

Meet the quiet powerhouse that became Manhattan’s busiest hotel buyer
02/27/18
...Manhattan today. In 2017, high-profile players like Richard LeFrak, Joseph Sitt and Hong Kong-based investor Gaw Capital Partners all made hotel buys. But nobody threw...

Thor hires Mitsui Fudosan veteran to head US acquisitions team
02/26/18
...Joe Sitt and Jeff Menard Joseph Sitt’s Thor Equities hired Mitsui Fudosan veteran Jeff Menard to head its North America...

Thor and Premier are selling Lexus’ new 14th St. home to a German bank
02/15/18
...Deal. The real estate firms, respectively led by Joseph Sitt and Yaron Jacobi, signed a contract this week to sell the three-story, 18,000-square-foot space...

The NYC investment sales market has a new No. 1 firm. Here’s who it is
02/06/18
...Hudson Street for $385 million. New York REIT and Joseph Sitt’s Thor Equities have been two of the firms most eager to sell their...

The investment sales shakeout
...Hudson Street for $385 million. New York REIT and Joseph Sitt’s Thor Equities have been two of the firms most eager to sell their...

The quiet hotel powerhouse
...Manhattan today. In 2017, high-profile players like Richard LeFrak, Joseph Sitt and Hong Kong-based investor Gaw Capital Partners all made hotel buys. But nobody threw...

Extell’s Diamond District plans just got even more mysterious
01/29/18
...ground leases at 562 and 564 Fifth Avenue in 2015 from Joseph Sitt’s Thor Equities and SL Green Realty. Extell shelled out another $11.7 million for air...

Sephardic Academy buys UES building with help from Syrian real estate players
01/09/18
...located in a Third Avenue building owned by Joseph Sitt’s Thor Equities. The school’s acquisition of the 11,850-square-foot building at 150 East 74th...

King in the north: Isaac Kassirer buying another building above 96th Street
01/04/18
...From left: Isaac Kassirer, Joseph Sitt and 838 West End Avenue Isaac Kassirer is continuing his uptown acquisition tear. The prolific...

Real estate’s gender divide: The giant gap and the women who’ve broken through
01/03/18
...she felt overwhelmed and went to her boss, Joseph Sitt, who told her that she could work part-time for as long as she needed...

When the glass ceiling won’t break
...she felt overwhelmed and went to her boss, Joseph Sitt, who told her that she could work part-time for as long as she needed...

Joe Sitt’s Thor finally closes on purchase of James hotel
12/14/17
...with the seller, The Real Deal has learned. Joseph Sitt’s firm, in partnership with multiple high-net-worth investors, paid $66.3 million for the 18-story, 114-key...

By the numbers: Searching for returns — outside of NYC
11/10/17
...percent in the first half of 2017. Meanwhile, investor Joseph Sitt, of Thor Equities, recently referred to the East Coast market as “troubled,” and the...

Searching for returns — outside of NYC
...percent in the first half of 2017. Meanwhile, investor Joseph Sitt, of Thor Equities, recently referred to the East Coast market as “troubled,” and the...

HNA’s $2.2B purchase of 245 Park Avenue was a “freak last deal,” Joe Sitt says
09/28/17
...I think that was a freak last deal,” Joseph Sitt, CEO of Thor Equities, said. He noted that the Chinese government has started cracking...

Ranking the biggest, most profitable family firms in NYC
09/13/17
...s residential holdings. Similarly, Thor Equities, headed by Joseph Sitt, took the No. 9 spot with $111.7 million in profits from 2.2 million square feet in holdings...

NYC’s next wave of dynasties
...s residential holdings. Similarly, Thor Equities, headed by Joseph Sitt, took the No. 9 spot with $111.7 million in profits from 2.2 million square feet in holdings...
Scott Sherman
Thor Equities, Director of Acquisitions
25 West 39th Street, New York, NY, 212 529 5055
Scott Sherman is the director of acquisitions at Thor Equities, a privately held...
Cory Elbaum
Thor Equities, Managing Director
25 West 39th Street, New York, NY, 212-529-5544
Cory Elbaum is a managing director and co-chair of acquisitions at Thor Equities,...
Jonathan Scheinberg
Thor Equities, Executive Vice President
25 West 39th Street, New York, NY
Jonathan Scheinberg is an executive vice president at Thor Equities, a privately held...
Alan Klein
Thor Equities, Executive Vice President
25 West 39th Street, New York, NY
Alan Klein is an executive vice president at Thor Equities and co-head of...
Melissa Gliatta
Thor Equities, Executive Vice President
25 West 39th Street, New York, NY, (212) 529-5055
Melissa Gliatta is an executive vice president at Thor Equities, a privately held...
Alexandra Frangos
Thor Equities, Vice President
25 West 39th Street, New York, NY, 212-529-7424
Alexandra Frangos is the vice president of retail leasing at Thor Equities, a...
Larissa Belova
Thor Equities, Head, Capital Markets
25 West 39th Street, New York, NY
Larissa Belova is the head of capital markets at Thor Equities, a privately...
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  • Event Sales
  • Address 680 Madison Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Square feet 35,000
  • Price $ 277,000,000
  • Price per foot $ 7,914.29
notes
The corner retail space sold for $277 million, the Wall Street Journal reported. Vornado Realty Trust had offered to pay $280 million for the space, but negotiations fell apart, allowing Joseph Sitt to step in and purchase the property, according to the paper.
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  • Event Sales
  • Address 118 East 4th Street
  • Neighborhood East Village
  • Borough Manhattan
  • Price $ 11,500,000
  • Price per foot $ 442.00
notes
The properties sold for $11.5 million, or $442 per square foot. The buildings contain 24 one-bedrooms and 45 studios. Forty of the apartments are rent stabilized, and 29 are free market. Includes 120-22 East 4th Street.
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  • Event Sales
  • Address 111 4th Place
  • Neighborhood Carroll Gardens
  • Borough Brooklyn
  • Price $ 2,450,000
  • Publication Date 06/01/2010
  • Event Date 04/17/2010
  • Party 1 Broker Kenneth Freeman, Joseph Sitt
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  • Event Sales
  • Address 91 Avenue D
  • Neighborhood East Village
  • Borough Manhattan
  • Square feet 2,982
  • Price $ 1,320,000
  • Price per foot $ 442.66
notes
The property sold for $1.32 million. The property has a store on the ground floor and two residential units above. The apartments are vacant, while the retail lease expires in June 2011.
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  • Event Sales
  • Address 690 Castleton Avenue
  • Borough Manhattan
  • Square feet 19,716
  • Price $ 1,200,000
  • Price per foot $ 60.86
notes
The elevator building sold for $1.2 million, or $61 per square foot. The price represents a capitalization rate of 15.49 percent and a gross rent multiple of 3.5. The property contains two floors of medical office space, 14 parking spaces and two floors of residential space, which comprise 14 apartments that rent for below-market rates.
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  • Event Sales
  • Address Staten Island portfolio
  • Neighborhood Midtown
  • Borough Staten Island
  • Price $ 7,575,000
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  • Event Sales
  • Address 1 Davidson Court
  • Neighborhood Mariners Harbor
  • Borough Staten Island
  • Price $ 2,185,000
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  • Event Sales
  • Building Name 530-536 Broadway
  • Address 536 Broadway
  • Neighborhood Soho
  • Borough Manhattan
  • Square feet 190,000
  • Price $ 190,000,000
  • Price per foot $ 1,000.00
notes
The two connected properties sold for $190 million, or $1,000 per square foot.
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  • Event Sales
  • Address 530-536 Broadway
  • Neighborhood SoHo
  • Borough Manhattan
  • Price $ 190,000,000
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  • Event Sales
  • Address 131 Silver Lake Road
  • Neighborhood West Brighton
  • Borough Staten Island
  • Price $ 2,300,000
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  • Event Sales
  • Address 660 Bay Street
  • Neighborhood Stapleton
  • Borough Staten Island
  • Price $ 1,500,000
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  • Event Sales
  • Address 280 Richards Street
  • Neighborhood Red Hook
  • Borough Brooklyn
  • Price $ 40,000,000
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Top 10 biggest real estate projects coming to NYC
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...to H&R in 2011. 270 Richards Street, Brooklyn  Joseph Sitt...

The top 10 biggest development site deals of 2015
12/30/15
...local fixtures like Ziel Feldman's HFZ Capital and Joseph Sitt...
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520 Fifth Avenue is a mixed-use property under development by Thor Equities, a...
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