Joseph Sitt’s son drops $9M on Williamsburg retail building

93 North 9th Street is the real estate scion’s second NYC purchase

Rendering of 93 North 9th Street in Williamsburg
Rendering of 93 North 9th Street in Williamsburg

UPDATED, 11:44 a.m., Jan. 28: Real estate scion Jack J. Sitt, the son of Thor Equities’ Joseph Sitt, has chosen a Williamsburg retail building as the site of his second New York City investment. He is planning renovations on the site including a new retail facade and roof.

The younger Sitt’s company, Colt Equities, picked up 93 North 9th StreetBetween Berry Street and Wythe Avenue, for $9 million, according to the New York Post. The seller, Imperium North Ninth, paid just $4.5 million for the 10,000 square foot retail space in 2012.

The Real Deal has obtained renderings of Sitt’s planned makeover of the site.

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“With its ideal location and blank-slate interior, 93 North 9th Street is a retail gem in the epicenter of Brooklyn’s trendiest neighborhood,” Sitt said in a statement. “As Williamsburg continues its remarkable transformation, this property represent a remarkable opportunity for a number of retail brands.”

Sitt’s first New York buy took place in May 2014 when he purchased a commercial ground lease at a Soho parking lot, which he purchased out of bankruptcy in partnership with Ruby Ventures. [NYP] — Tess Hofmann