Joe Sitt joins booming residential market
The prolific real estate developer, whose Thor Equities has a huge portfolio of office, retail and hotel properties around the world, adds a new division that will focus exclusively on housing.Commercial real estate powerhouse Thor Equities has launched a new residential division, the firm announced Wednesday.
"Residential real estate is booming in many American cities, presenting Thor with a one-of-a-kind opportunity to enter this expanding market," said Thor CEO Joseph Sitt, a 2004 Crain's 40 Under 40, in a statement. "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, which owns a portfolio of more than 15 million square feet of space in leading cities around the world, has traditionally specialized in commercial and retail real estate. Its notable recent projects include the renovation and leasing of the Takashimaya building at 693 Fifth Ave. But the newly created division within Thor will instead tackle residential acquisitions and development, with a focus on Manhattan rental-apartment buildings. The new division will also keep an eye out for opportunities in the other boroughs, including Mr. Sitt's old stomping grounds in Brooklyn.