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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.

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 27 Grand Street
  • Neighborhood Soho
  • Borough Manhattan
  • Square feet 55,479
  • Price $ 66,300,000
  • Publication Date 12/18/2017
  • Event Date 12/14/2017
  • Party 1 PGIM
  • Party 1 Brokerage JLL
  • Party 1 Broker Jeff Davis
  • Party 2 Thor Equities
notes
The firm run by Joseph Sitt purchased the James New York hotel in Soho for $66.3 million
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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 Staten Island portfolio
  • Neighborhood Midtown
  • Borough Staten Island
  • Price $ 7,575,000
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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 1 Davidson Court
  • Neighborhood Mariners Harbor
  • Borough Staten Island
  • Price $ 2,185,000
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  • Event Sales
  • Address 530-536 Broadway
  • Neighborhood SoHo
  • Borough Manhattan
  • Price $ 190,000,000
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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 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
For more info, click here
  • Event Sales
  • Address 280 Richards Street
  • Neighborhood Red Hook
  • Borough Brooklyn
  • Price $ 40,000,000

The investment sales shakeout
02/01/2018
New York REIT and Joseph Sitt’s Thor Equities have been two of the firms most eager to sell their holdings over the past year...

When the glass ceiling won’t break
01/01/2018
Gliatta said that after having her second child in 1998, 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 and then return to full-time...

NYC's next wave of dynasties
09/01/2017
Similarly, Thor Equities, headed by Joseph Sitt, took the No...

Brooklyn office bust?
07/01/2017
But Est4te Four’s change in plans isn’t discouraging others. Joseph Sitt’s Thor Equities is moving forward with plans for Red Hook Point, an 818,000-square-foot office and retail complex next to Ikea at 280 Richards Street...

Top 10 biggest real estate projects coming to NYC
07/11/2016
From left: 28-10 Jackson Avenue in Long Island City and 270 Richards Street in Red Hook Most of the city's large-scale real estate developments formally From left: 28-10 Jackson Avenue in Long Island City and 270 Richards Street in Red Hook Most of the city's large-scale real estate developments formally...

Fifth (Avenue) Amendments
07/01/2016
Gülaylar went into contract in March to purchase the office portion of the building for $160 million from General Growth Properties and Joseph Sitt’s Thor Equities, which held onto the valuable retail space at ground level...

The top 10 biggest development site deals of 2015
12/30/2015
While Gary Barnett's Extell Development â€' which is known for this sort of thing â€' appears on the list as both a buyer and a seller, the crop of developers overall is best characterized by its diversity. Three Chinese firms appear, including locally-based Kuafu Properties. Global firms like GID Development Group and the Carlyle Group showed up next to local fixtures like Ziel Feldman's HFZ Capital and Joseph Sitt's Thor Equities...

Multifamily mania
11/01/2015
3100 Brighton 2nd Street and 486 Brooklyn Avenue The market for big packages of multifamily buildings may have less sex appeal than the fancy condos 3100 Brighton 2nd Street and 486 Brooklyn Avenue The market for big packages of multifamily buildings may have less sex appeal than the fancy condos...

Dominating Deal
08/01/2015
Sutton purchased 91 Ocean Avenue in 2012 for $22.6 million, along with the adjacent plot at 93 Ocean Avenue. The 9,196-square-foot house sits on 7.4 acres, and has 350 feet of beachfront. Sutton plans to demolish the building and construct a larger home set farther back from the beach. Property records show that Sutton, who started his career finding retail space for the discount shoe store Payless, also owns a sprawling compound on Roosevelt Avenue, along with a penthouse apartment in nearby Long Branch. In total, owners with the last name Sutton own 22 Deal properties. At his waterfront estate, Sutton counts fellow real estate moguls Joseph Sitt and Steve Chera as neighbors...

Ranking Manhattan’s biggest retail buyers
12/01/2014
From left: Stanley Chera, Jeff Sutton and Steven Roth With Upper Fifth Avenue snatching back from Hong Kong’s Causeway Bay the title as the world’s From left: Stanley Chera, Jeff Sutton and Steven Roth With Upper Fifth Avenue snatching back from Hong Kong’s Causeway Bay the title as the world’s...

Big firms, big listings
05/01/2014
That was despite the month-long legal battle earlier this year between the firm’s owners, Andrew Heiberger and Joseph Sitt, a dispute which saw a string of the company’s top-producing agents head for the door...

Mass market for Meatpacking
09/01/2012
Much of the property is under the control of just a few under-the-radar, family-run companies, such as the estate of William Gottlieb, Romanoff Equities and Meilman Family Real Estate. But there are also owners who are better known in real estate circles, such as Joseph Sitt’s Thor Equities, Ronald Burkle’s Yucaipa Companies and Robert Cayre’s Aurora Capital...

Fifth Avenue's storefront shuffle
12/01/2011
Click to enlarge Upper Fifth Avenue (the portion between 49th and 59th streets) is the most expensive retail stretch in the world. However, it's not Click to enlarge Upper Fifth Avenue (the portion between 49th and 59th streets) is the most expensive retail stretch in the world. However, it's not...