Thor Equities

Thor Equities was founded in 1986 by President & CEO Joseph J. Sitt. His first investment was a property sold at tax auction on East Tremont Avenue in the Bronx, a chronically under served retail area, where he built a one-story retail structure with money from family and friends.[http://www.inc.com/magazine/20060101/qa-sitt.html "How I Did It: Joe Sitt, Thor Equities"], Inc. Magazine, January 2006 He proceeded to secure national retailers Rite Aid Pharmacy and Payless Shoes after convincing them of the value of this location.{{cite web|url=http://mycrains.crainsnewyork.com/40under40/profiles/2004/238 |title=Joseph J. Sitt - 2004 40 Under 40 - Crain's New York Business Rising Stars |access-date=2014-01-19 |url-status=dead |archive-url=https://web.archive.org/web/20101226170856/http://mycrains.crainsnewyork.com/40under40/profiles/2004/238 |archive-date=2010-12-26 }} "Joseph J. Sitt, 39", Crainsnewyork.com, 2004

Image:Ashley Stewart, Roxbury MA.jpg}}]]

From Sitt's early realization of the retail gap that left broad swathes of inner city consumers largely underserved by major retailers, he founded Ashley Stewart (a name inspired by Laura Ashley and Martha Stewart) in 1991. Ashley Stewart sold modern and fashionable clothing to women.

Each Ashley Stewart store hired from within the community, and the company was recognized by President Clinton for its contribution to the Welfare-to-work program.[http://w4.stern.nyu.edu/sternbusiness/spring_2008/sternInCity.html “An Eye for Opportunity”], Stern Business, Spring/Summer 2008 Ashley Stewart quickly grew to over 380 stores in more than 100 cities, which prompted many national retailers to follow suit and helped change the urban retail landscape. Sitt was also part owner of the Children's Place kids clothing chain as well as Marianne Stores, a retail outlet specializing in clothing for Latina women.

As business boomed, Sitt sold his interest in 2000 to concentrate on urban real estate through his company Thor Equities.

In 2004, Sitt was profiled by Crains New York in its annual "40 Under 40" issue, which celebrates those individuals in New York City who have achieved success in business before turning 40.

Thor Equities is a global full service real estate development and investment company specializing in acquisitions, financial management, development, property management, and leasing. Thor specializes in value-added investments in retail, hotels and mixed-use urban projects. Today, Thor's portfolio transactions and development pipeline total over 20 million square feet and is valued at more than $10 billion.{{cite web|last=Valley|first=Matt|title=JLL SECURES $365 MILLION IN FINANCING FOR PALMER HOUSE HILTON|url=http://www.rebusinessonline.com/main.cfm?id=26230|work=REBusiness Online|access-date=15 April 2013}}

Thor also created an investment platform tailored to institutional investors. Thor Urban Property Funds investors include investment banks, pension funds, college endowments, and foundations. The fund's size was over one billion dollars {{As of|2013|lc=y}}.{{cite web|title=Thor Urban Property Funds|url=http://www.thorequities.com/strategy/urban-property-funds/|work=ThorEquities.com|access-date=2 May 2013}}

In recent years, Thor has expanded its holdings internationally to include properties in cities like Mexico City, London, Paris, Montreal, Cannes, Milan and Madrid.{{cite web|url=http://europe-re.com/thor-equities-acquires-first-spanish-property-at-9-puerta-del-sol-in-madrid-es/50950|title=Thor Equities acquires first Spanish property at 9 Puerta del Sol in Madrid|publisher=Europe Real Estate|access-date= 16 August 2016}}

Thor acquired London's iconic Burlington Arcade in 2010 for £104 million. The property, located in the West End shopping district, was built in 1819 and is London's first covered shopping street.{{Cite news|last=Boston|first=William|title=U.S. Investor to Buy Burlington Arcade|url=https://www.wsj.com/articles/SB10001424052702303738504575567960518468870|work=The Wall Street Journal|access-date=18 April 2013|date=2010-10-22}} Thor's London assets also include 145 Oxford Street, 105-109 Oxford Street, 1 Dover Street, and Bond Street House at 14 Clifford Street.

In 2012, Thor acquired a major retail property at 65 Boulevard de la Croisette in Cannes, France.{{cite web|last=Wallace|title=Thor Equities' 65 Croisette buy financed by €71m in Heleba senior and LaSalle mez|url=http://costarfinance.com/2012/10/29/thor-equities-65-croisette-buy-financed-by-e71m-in-heleba-senior-and-lasalle-mez/|work=CoStar's Finance Blog|publisher=Costar|access-date=18 April 2013}}{{cite web|title=ThorEquities.com - 65 Croisette|url=http://www.thorequities.com/portfolio/65-croisette/|work=ThorEquities.com|access-date=18 April 2013}}

In Paris, the company has acquired several properties including 51-53 Boulevard Haussmann, a 30,225-square-foot building; 65-67 Avenue des Champs Elysees; and 102 Avenue des Champs-Élysées.{{cite web|url=http://www.ft.com/cms/s/0/0872af0e-cf08-11e4-893d-00144feab7de.html#axzz4ApxNz4HZ|title=Thor bets on Paris economy with French nighclub purchase|publisher=Financial Times|access-date= 16 August 2016}}

In February 2015, Thor acquired a retail property at 777 Saint Catherine Street in Montreal, a historical building located in Montreal's shopping corridor that is currently occupied by Banana Republic.

In 2015 and 2016, Thor expanded its European holdings with the acquisition of 9 Puerta del Sol and 11 Puerta del Sol in Madrid, and 26 Via della Spiga in Milan.{{cite web|url=http://europe-re.com/thor-equities-acquires-first-italian-property-featuring-original-dolce-gabbana-store-it/61400|title=Thor Equities acquires first Italian property featuring original Dolce & Gabbana store|publisher=Europe Real Estate|access-date= 16 August 2016}}

Thor also owns several luxury retail properties in Mexico City on Avenida Presidente Masaryk, and has attracted such retailers as Gucci and Salvatore Ferragamo.{{cite web|title=ThorEquities.com - Portfolio|url=http://www.thorequities.com/portfolio/|work=ThorEquities.com|publisher=ThorEquities.com|access-date=18 April 2013}}{{cite web|last=Brandt|first=Nadja|title=New York Developer Raises 500 Million for Projects in Mexico|url=http://www.thorequities.com/new-york-developer-raises-500-million-for-projects-in-mexico/|work=Bloomberg (article sourced from ThorEquities.com)|publisher=Bloomberg|access-date=18 April 2013}} In 2016, Thor's hospitality division debuted the Thompson Playa del Carmen, a boutique hotel in Playa del Carmen, Mexico.{{cite web|url=http://robbreport.com/LuxuryNewswire/luxury-travel/thompson-hotels-announces-debut-thompson-playa-del-carmen|title=Thompson Hotels Announces the Debut of Thompson Playa del Carmen|publisher=RobbReport|access-date= 16 August 2016|date=2015-09-28}}

Thor is a major retail property owner on New York's Fifth Avenue and Madison Avenue.{{cite web|last=Kussin|first=Zachary|title=Thor files demolition plans for three adjacent Midtown properties|url=http://therealdeal.com/blog/2012/04/26/thor-files-demolition-plans-for-three-adjacent-midtown-addresses/|work=The Real Deal|access-date=18 April 2013|date=2012-04-26}} Sitt has been seen as one of the market makers on Fifth Avenue, helping push retail growth further below the traditional southern border at 49th Street.{{cite news|last=Levere|first=Jane|title=The Heart of Fifth Avenue Shopping Is Edging to the South|url=https://www.nytimes.com/2012/09/05/realestate/commercial/the-heart-of-fifth-avenue-shopping-edges-to-the-south.html?pagewanted=all|work=The New York Times|access-date=18 April 2013}}

Thor has also made significant investments in the Meatpacking District, betting on the area to continue its climb as a premier retail destination in Manhattan, driven in part by the High Line and arrival of the new Whitney Museum.{{cite web|last=Trefethen|first=Sarah|title=Gutsy Meatpacking move for Thor, Taconic|url=http://www.rew-online.com/2012/12/12/gutsy-meatpacking-move-for-thor-taconic/|work=Real Estate Weekly|access-date=18 April 2013}}{{cite web|url=http://therealdeal.com/2015/01/28/taconic-thor-to-sell-meatpacking-office-building-for-200m/|title=Thor, Taconic's $200M sale of Meatpacking building sets record|publisher=TheRealDeal|access-date= 16 August 2016|date=2015-01-28}}{{cite web|url=http://therealdeal.com/2015/01/28/taconic-thor-to-sell-meatpacking-office-building-for-200m/|title=Thor, Taconic's $200M sale of Meatpacking building sets record|publisher=TheRealDEal|access-date=16 August 2016|date=2015-01-28}}

Thor is also heavily active in New York's SoHo area and owns numerous properties in the district. In 2013, Sitt partnered with several investors to purchase 529 Broadway for $150 million.{{cite web|last=Pincus|first=Adam|title=Inside the record-setting, no-contract purchase of Soho's 529 Broadway|url=http://therealdeal.com/blog/2013/01/08/inside-the-record-setting-no-contract-purchase-of-sohos-529-broadway/|work=The Real Deal|access-date=18 April 2013|date=2013-01-08}} In March 2015, the company leased its entire 15,000-square-foot building at 155 Mercer Street in SoHo to Dolce & Gabbana for the brand's flagship retail store.

Other areas of Manhattan where Thor owns properties include Tribeca, Madison Avenue, Chelsea, Bowery, Flatiron, the Upper East Side, and its headquarters near Bryant Park.

In 2014 and 2015, Thor purchased a number of residential buildings in Manhattan including 98 Morningside Avenue and 838 West End Avenue, as well as a portfolio of more than two dozen apartment buildings such as 250 West 19th Street.{{cite web|url=http://therealdeal.com/2016/01/27/sitts-thor-buys-three-manhattanville-rentals-for-34m/|title=Sitt's Thor buys three Manhattanville rentals for $34M|publisher=TheRealDeal|access-date= 16 August 2016|date=2016-01-27}}

Thor owns a large portfolio of Brooklyn properties located in Brooklyn Heights, Cobble Hill, Boerum Hill, Downtown Brooklyn, Williamsburg, and Red Hook.{{cite web|url=https://www.bloomberg.com/news/articles/2016-06-01/brooklyn-office-building-boom-expands-on-red-hook-s-waterfront|title=Brooklyn Office-Building Boom Expands on Red Hook's Waterfront|publisher=Bloomberg|access-date= 16 August 2016}}

A notable development is Albee Square Mall in Downtown Brooklyn. After Thor purchased the mall in 2001, it made various facility improvements in an effort to attract new tenants.[http://www.icsc.org/srch/sct/sct0604/page15.php “Gloom to Glamour”], Shopping Centers Today, June 2004 {{webarchive |url=https://web.archive.org/web/20080704101748/http://www.icsc.org/srch/sct/sct0604/page15.php |date=July 4, 2008 }} Later in 2005, Thor announced plans to build the first tower at the site also known as City Point.[https://query.nytimes.com/gst/fullpage.html?res=9D00E3D6153FF93AA25753C1A9639C8B63&sec=&spon=&pagewanted=all "Towers Grow in Downtown Brooklyn"], New York Times, October 19, 2005 The building was to be the tallest tower in Brooklyn. After the city changed its zoning to permit development of the site, Thor sold the site and development plan for $125 million to a financial company.{{cite news|last=Fung|first=Amanda|title=Coney Island keeper|url=http://www.crainsnewyork.com/article/20090628/SMALLBIZ/306289868|access-date=2 May 2013|newspaper=Crain's New York Business|date=June 28, 2009}}

In 2005, the company bought a parcel of land west of the amusement district in Coney Island for $13 million, and sold it 14 months later for $90 million.{{Citation needed|date=January 2017}} Thor then reinvested in more land on Coney Island along Stillwell Avenue as well as some Boardwalk property including Astroland. In 2006, Thor announced plans for a $1.5 billion Las Vegas-style amusement park resort, which required several zoning changes. The city had a competing vision for Coney Island and attempted to buy Thor's land, but Thor did not accept the city's offer. Astroland ceased operations on September 7, 2008. Interim amusement rides and a flea market opened in the summer of 2009 and closed later that year.

On November 11, 2009, Sitt reached a deal with New York City to sell part of his 12.5 acres (51,000 m2) of land in Coney Island for $95.6 million so that the city and Thor could jointly redevelop Coney Island, completing the three-year negotiation.{{Citation needed|date=January 2017}}

In May 2015, Thor Equities unveiled Coney Art Walls, a public art wall project curated by former director of the Museum of Contemporary Art (MOCA) Jeffrey Deitch and Thor CEO Joseph Sitt. Located at 3050 Stillwell Avenue, the project featured established and new artists. Coney Art Walls returned in 2016 with 21 new murals.{{cite web|url=http://www.timeout.com/newyork/blog/coney-island-bring-backs-the-popular-street-art-exhibition-coney-art-walls-060316|title=Coney Island bring backs the popular street art exhibition, "Coney Art Walls"|publisher=TimeOut|access-date= 16 August 2016}}

In 2025, Coney Island based community organizations including Coney Island USA and the Coney Island History Project opposed the casino development proposed by Thor Equities for Coney Island.{{Cite web |last=Delaney |first=Jillian |date=2025-01-26 |title=Coney Island casino hits major roadblock in development |url=https://www.silive.com/news/2025/01/coney-island-casino-hits-major-roadblock-in-development.html |access-date=2025-01-27 |website=silive |language=en}}{{Cite web |last=Hallum |first=Mark |last2= |first2= |date=2024-05-16 |title=Thor and Partners Release Scale of Coney Casino Proposal |url=https://commercialobserver.com/2024/05/thor-and-partners-release-scale-of-coney-casino-proposal/ |access-date=2025-01-27 |website=Commercial Observer |language=en-US}}{{Cite web |last=Staff |first=Brooklyn Eagle |date=2025-01-22 |title=Coney Island History group fights against plans for casino |url=https://brooklyneagle.com/articles/2025/01/22/coney-island-history-group-fights-casino/ |access-date=2025-01-27 |website=Brooklyn Eagle |language=en-US}}

Thor bought the historic Palmer House Hilton Hotel in Chicago's Loop area in 2005 for $230 million and undertook an award-winning $150 million renovation.[http://findarticles.com/p/articles/mi_m0EIN/is_2005_August_17/ai_n14928189/ "Thor Buys Historic Palmer House Hotel from Hilton Hotels Corporation;Plans to Add New Retail Space"], Business Wire, August 17, 2005{{cite web|title=Thor High Street - Joseph Sitt Bio|url=http://www.thorhighstreet.com/team/joseph-j-sitt/|work=thorhighstreet.com|publisher=Thor High Street|access-date=2 May 2013}} The Lockwood Restaurant at the Palmer House was also named a James Beard Award winner. In October 2012, the company refinanced Palmer House Hilton in Chicago for $365 million.{{cite web|url=http://www.cpexecutive.com/regions/midwest/thor-equities-refinances-chicagos-palmer-house-hotel-for-365m/|title=Thor Equities Refinances Chicago's Palmer House Hotel for $365M|publisher=Commercial Property Executive|access-date=12 April 2013}}

Thor owns several retail properties on South State Street including 1-15 East Oak Street, home to the Chicago flagship of Barneys New York. South State Street is one of the main shopping streets located inside Chicago's Loop area, where vacancies were at a 10-year low in 2013.{{cite web|title=Thor Portfolio|url=http://www.thorequities.com/portfolio/|publisher=Thor Equities|access-date=15 April 2013}}

Thor owns the landmarked Phelan Building, a Victorian-style steel-framed structure reminiscent of New York's Flatiron building, at 760 Market Street in San Francisco. Thor acquired the property in 2008 from the Westcore Group. The building is home to the San Francisco office of the Sears Corporation as well as Twitter co-founder Evan Williams' startup Obvious Corp.{{cite web|title=Mayor Newsom Announces Sears Holdings Establishes New Apparel Office in San Francisco|url=http://www.sfmayor.org/ftp/archive/209.126.225.7/press-room/press-releases/press-release-sears-establishes-new-apparel-office-in-san-francisco/index.html|work=Office of the Mayor - City and County of San Francisco|publisher=City and County of San Francisco|access-date=15 April 2013}}{{cite web|last=Dineen|first=J.K.|title=N.Y. developer scoops up S.F.'s Phelan building|url=http://www.bizjournals.com/sanfrancisco/stories/2008/10/06/newscolumn1.html?page=all|work=San Francisco Business Times|access-date=15 April 2013}} In a press release announcing the lease to Obvious, Joseph Sitt cited the growing trend of Silicon Valley tech companies moving to the surrounding area to set up shop.{{cite web|title=Thor Equities Lands Evan Williams' Obvious Corp. for 75k Square Feet at 760 Market St|url=http://www.prnewswire.com/news-releases-test/thor-equities-lands-evan-williams-obvious-corp--for-75k-square-feet-at-760-market-st-187468311.html|work=PR Newswire|publisher=PR Newswire|access-date=15 April 2013}}

Joseph Sitt is chairman of Thor Urbana Capital, based in Mexico City. The venture's first project was a full block high-end retail development along Playa del Carmen's Quinta Avenida.{{cite web|last=Kussin|first=Zachary|title=Sitt's Thor Urbana Capital will develop high-end retail in Mexico|url=http://therealdeal.com/blog/2012/12/05/sitts-thor-urbana-will-develop-high-end-retail-in-mexico/|work=The Real Deal|access-date=15 April 2013|date=2012-12-05}}{{cite web|title=ThorUrbana.com Target Markets|url=http://thorurbana.com/strategy/target-markets/|work=ThorUrbana.com|access-date=15 April 2013}} In 2016, Thor's hospitality division opened the Thompson Playa del Carmen, a boutique hotel. {{As of|2017}}, the company is also developing the Ritz-Carlton in Mexico City's financial district, among other properties.{{cite web|url=http://www.infrastructuremexico.com/2018/08/03/spotlight-ritz-carlton-to-sparkle-in-the-crown-of-chapultepec-uno/|title=Spotlight: Ritz-Carlton to Sparkle in the Crown of Chapultepec Uno|date=3 August 2018}}{{Cite news|url=https://www.wsj.com/articles/mexicos-surprising-mall-boom-is-luring-u-s-developers-1518523205|title=Why So Many Shopping Malls Are Being Built in Mexico|first=Robbie|last=Whelan|date=13 February 2018|via=www.wsj.com|newspaper=Wall Street Journal}}

Thor Retail Advisors, led by CEO Joseph Sitt, is an affiliate of Thor Equities that provides tenant representation, brokerage and advisory services to retailers. The company has offices in New York, London, Paris, and Mexico City.{{cite web|last=Edelson|first=Sharon|title=Thor's Joseph Sitt, Sitting High|url=http://www.wwd.com/retail-news/people/joseph-sitt-sitting-high-5436487|work=Women's Wear Daily|date=2011-12-19}}{{cite web|title=ThorRetailAdvisors.com|url=http://www.thorretailadvisors.com/services/|work=Services}}{{cite web|last=Geiger|first=Daniel|title=Joe Sitt: International Man of Mystery|url=http://commercialobserver.com/2012/07/joe-sitt-international-man-of-mystery/?show=all|work=Commercial Observer|access-date=16 April 2013|date=2012-07-31}}

Thor Digital, is the latest division launched in early 2022, and focuses on the acquisition and development of data centers across Europe with an equity commitment of up to US$3 billion and goal of US$9 billion in acquisitions value.{{Cite web |last=Group |first=Thor Equities |date=2022-08-11 |title=Thor Equities Group Chairman, Joe Sitt, Makes Guest Appearance on Fox Business |url=https://www.globenewswire.com/en/news-release/2022/08/11/2497189/0/en/Thor-Equities-Group-Chairman-Joe-Sitt-Makes-Guest-Appearance-on-Fox-Business.html |access-date=2023-01-06 |website=GlobeNewswire News Room |language=en}}

Joseph Sitt is the chairman and founder of the not-for-profit Global Gateway Alliance (GGA), which was created in 2012 to address the infrastructure challenges that New York's airports face.{{cite web|last=Goldmark|first=Alex|title=NY's Airports So Old, Millionaire Is Putting Up Private Fortune to Lobby for Renovations|url=http://www.wnyc.org/blogs/transportation-nation/2013/jan/14/nys-airports-so-old-millionaire-is-putting-private-fortune-to-lobby-for-renovations/|work=Transportation Nation, WNYC|publisher=WNYC|access-date=18 April 2013}}{{cite web|title=Global Gateway Alliance - About US |url=http://globalgatewayalliance.org/board-chairman |work=globalgatewayalliance.org |access-date=18 April 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130105025259/http://www.globalgatewayalliance.org/board-chairman |archive-date=January 5, 2013 }}{{cite web|title=Global Gateway Alliance - Board Members|url=http://globalgatewayalliance.org/board-members|work=GlobalGatewayAlliance.org|access-date=18 April 2013}}

Joseph Sitt is an active board member of the Bedford Stuyvesant Restoration Corporation, a community development organization. He was instrumental in helping restore Restoration Plaza, the neighborhood's Town Square and the BSRC's main asset, and bringing to the area more retail options including its first family sit-down restaurant and supermarket.[https://www.nytimes.com/2004/05/12/business/commercial-real-estate-regional-market-brooklyn-effort-revive-retail-plaza-gains.html "Effort to Revive Retail Plaza Gains in Bedford-Stuyvesant"], NY Times, May 12, 2004[http://www.restorationplaza.org/restoration-plaza "Restoration Plaza"], restorationplaza.org In 2007, Harvard professor Michael Porter and the Initiative for a Competitive Inner City (ICIC) honored him for his commitment to fostering healthy competitive business conditions and new opportunities in inner city neighborhoods.{{cite web|title=8th Annual New York Inner City Leadership Ceremony Honors Joseph J. Sitt and Comptroller William Thompson|url=http://www.thefreelibrary.com/8th+Annual+New+York+Inner+City+Leadership+Ceremony+Honors+Joseph+J....-a0158978509|work=thefreelibrary.com|access-date=2 May 2013}}

Sitt is a managing director of Venetian Heritage, a not-for-profit organization that works to restore the Jewish museum and ancient synagogues of the Ghetto of Venice.{{cite web|url=http://jewishbusinessnews.com/2014/11/11/joseph-sitt-and-diane-von-furstenberg-behind-12-million-venice-ghetto-renewal/|publisher=JewishBusinessNews|access-date= 16 August 2016|title=Joseph Sitt and Diane von Furstenberg behind $12 Million Venice Ghetto Renewal|date=2014-11-11}}

Sitt is also a frequent speaker and lecturer at various universities including Columbia University, New York University, Baruch, and Notre Dame. He serves on the board of the Real Estate Roundtable in Washington D.C., the Department of Real Estate at Baruch College, and is a member of the Partnership for New York City.{{cite web|title=Joseph Sitt Bio|url=http://www.thorequities.com/history/|work=ThorEquities.com - History|access-date=2 May 2013}}

Mr. Sitt has been named by New York Observer in its annual list as one of the Most Powerful People in New York Real Estate.{{cite web|url=http://observer.com/2008/05/the-100-most-powerful-people-in-new-york-real-estate/7/|title=The 100 Most Powerful People in New York Real Estate|website=The New York Observer |date=14 May 2008}}

In May 2020, Thor 's offer to sell 933 Broadway to Mactaggart fell apart. When they clashed over a crucial deadline in an approximately $24 million Flatiron District retail contract, Thor Equities and Mactaggart Family & Associates pulled out their abacus and calendar according to new lawsuit.{{Cite web|date=27 May 2020|title=Thor Equities sues Mactaggart over latest broken deal|url=https://therealdeal.com/2020/05/27/thor-equities-sues-mactaggart-over-latest-broken-deal/|access-date=17 June 2020|website=The Real Deal}}

• Lions Group NYC
• Triple Five Group
• Webb and Knapp

{{reflist|colwidth=30em}}

• [http://www.thorequities.com/ Official website]
• Fred A. Bernstein, [https://www.nytimes.com/2008/10/26/realestate/commercial/26sqft.html?ref=business "A Hotel Looks Back to Its 1920s Glamour"], New York Times, October 25, 2008

Category:Companies based in New York City

Category:Real estate companies of the United States

Category:Real estate companies established in 1986

Category:1986 establishments in New York City