Thor to launch residential division

From left: Joseph Sitt and Jonathan Fishman
From left: Joseph Sitt and Jonathan Fishman

Joseph Sitt is partnering with Alan Klein and Jonathan Fishman, both formerly of Stonehenge Partners, to launch Thor Equities’ new residential division.

The division will focus on acquisitions and development of residential properties.

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“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 cited by Crain’s. “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.”

The Midtown-based firm, already a superpower in commercial real estate, boasts more than 15 million square feet of space in cities around the world. Thor currently owns a stake in brokerage TOWN Residential, but the venture otherwise marks a first for the firm. [Crain’s]Julie Strickland