Joseph Sitt

Last updated
Joseph J. Sitt
Born1964 (age 59–60)
NationalityAmerican
EducationYeshiva of Flatbush
OccupationReal Estate Developer
Known forFounder of Ashley Stewart
Founder and President of Thor Equities Group
Children4
Website http://www.thorequities.com/

Joseph J. Sitt (born 1964) is an American real estate investor, founder of the retail chain Ashley Stewart, and founder of global real estate company Thor Equities.

Contents

Early life and education

Sitt was born in 1964 near Coney Island, Brooklyn [1] to a Syrian Jewish family. [2] [3] He began working at a young age in flea market booths at the Aqueduct and Roosevelt racetrack parking lots in the New York City area. The experience gave Sitt a better understanding of inner city commerce, and showed him the underserved nature of the market. [4] At age 11, Sitt became interested in real estate when his only choice was to go to Manhattan to buy an Atari computer because he couldn't get one in Brooklyn. This eventually led Sitt to study business at New York University's Stern School of Business, and in 1986 he founded Thor Equities before graduating. [1]

Career

Sitt picked the name Thor for the company because he was an avid Thor comic book fan and thought it would fit his "concept of being the protector of the cities." [1] His first investment was a property sold at tax auction on East Tremont Avenue in the Bronx, a chronically underserved retail area, where he built a one-story retail structure with money from "family, friends, roommates, parents of roommates." [1] He proceeded to secure national retailers Rite Aid Pharmacy, Payless Shoes, and Rainbow Shops. [5] In 1989, partnering with Joseph Chehabar of the family that owned Rainbow Shops, he purchased for $30 million the 161-store Children’s Place retail chain and the 41-store Accessory Place retail chain from the Campeau Corporation. [6] [7] As part of the transaction, they then sold Accessory Place to Tribeca Corporation. [6]

Ashley Stewart in Roxbury, Massachusetts Ashley Stewart, Roxbury MA.jpg
Ashley Stewart in Roxbury, Massachusetts

From Sitt’s early realization of the retail gap that left broad swathes of inner city consumers largely underserved by major retailers, in 1991 he founded Ashley Stewart (a name inspired by Laura Ashley and Martha Stewart), which sold modern and fashionable plus-size clothing to urban women. [1] Each Ashley Stewart store hired from within the community, and the company was recognized by President Clinton for its large contribution to the nation’s innovative Welfare to Work program. [8] After acquiring 98 stores for $61.25 million in 1998 from the bankrupt Petrie Retail Inc. (founded by Milton Petrie), [9] Ashley Stewart 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. [1] [8] As part of the transaction with Petrie Retail, Sitt acquired Marianne Stores, a retail outlet specializing in clothing for Latina women. [8] As business boomed, Sitt sold his interest in 2000 to concentrate on urban real estate through his company Thor Equities. [1]

In 2004, Sitt was profiled by Crains in its annual "40 Under 40" article, which reported that he had a 6 million square-foot portfolio worth nearly $750 million. [5] In 2010, he started a brokerage business called Thor High Street (Thor Retail Advisors) that focuses on retail leasing. [10]

Today, Thor Equities is a real estate development, leasing and management firm, with headquarters in New York City, London and Mexico City. The company owns property in the United States, Canada, Europe, Russia, India and Latin America, with portfolio transactions and a development pipeline in excess of $10 billion and totaling more than 20 million square feet. [11]

Non Profit Activities and Honors

Global Gateway Alliance

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 metropolitan area airports face. Sitt made an initial $1 million donation to start the group, which seeks to make New York’s airports among the best in the world. [12] On July 27, 2015, Vice President Joseph Biden and Gov. Andrew Cuomo announced plans to modernize JFK and LaGuardia airports, which included many of the features Sitt and GGA long called for, including new terminals, greater passenger amenities, and increased transportation access. [13] [14] [15] [16] Accordingly, GGA Chairman Joseph Sitt stated this was "an important step in bringing New York’s airports into the 21st century, and a win for the more than 117 million annual passengers that use our airports and for a regional economy that relies on the airports for more than $50 billion in activity." [17]

Coney Art Walls

In May 2015, Thor Equities Group Chairman Joseph Sitt provided a $4 million donation to establish Coney Art Walls, an outdoor museum of street art curated by Mr. Sitt and Jeffrey Deitch. Located at 3050 Stillwell Avenue in Coney Island, the public art wall project features renowned local and international artists including Crash, Daze, Lee Quiñones, Ron English and Miss Van. Coney Art Walls returned in 2016 with 21 new murals, and again in 2017 and 2018. [18]

Additional philanthropy and awards

Joseph Sitt is an active board member of the Bedford Stuyvesant Restoration Corporation, one of the most respected community development organizations in the United States. 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. [19] [20] 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. [21]

Sitt is a managing director of Venetian Heritage, a not-for-profit organization that supports cultural projects through the conservation of Venice’s historical and cultural institutions, and is Founder and Chairman of the Sephardic Heritage Museum. [22]

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. [23]

Sitt has served on the boards of the Downtown Brooklyn Council economic development advocacy group, REBNY’s Board of Governors, and as co-chairman of the Brooklyn Business Improvement District.

He has spent much of his career in youth development and education, serving on the Boards of Brooklyn’s TAB High School and Flatbush High School, leading a teen program and acting as an ongoing mentor and guidance counselor to Brooklyn youth.

Sitt was awarded the 2014 Ernst and Young Entrepreneur of the Year Award, and has been named by New York Observer in its annual list as one of the Most Powerful People in New York Real Estate. [24]

Political views

Sitt was involved in a long-standing WhatsApp group chat from October 2023 through early May 2024 with some of the United States' most powerful business leaders with the stated goals of "chang[ing] the narrative" in favor of Israel and "help[ing] win the war" on U.S. public opinion following Hamas's October 7th attack on Israel. [25] Members of the group chat discussed how they received private briefings by, and worked closely with, members of the Israeli government, including former Israeli prime minister Naftali Bennett; Benny Gantz, a member of the Israeli war cabinet; and Israel’s ambassador to the United States, Michael Herzog. [25] Group members, including Sitt, worked with the Israeli government to screen a film titled "Bearing Witness to the October 7th Massacre", which shows footage compiled by the Israeli Defense Forces portraying killings committed by Hamas on October 7th. [25] Israel estimates 1,200 people were killed in Hamas's October 7th attack. [26] Screenings of the film were conducted in New York City and on at least one college campus. [25] It is unknown if any of these screenings also included footage of Gazans killed by the IDF since October 7th, reported to be more than 35,000 at the time of the Post's report in May 2016. [25] On October 27, 2023, Sitt wrote in a message to the group that Israeli officials wanted to thank them for coming up with the idea of screening the film. [25] Sitt noted that the screening would "be listed as a IDF event not affiliated to Facts for Peace to keep them separate." [25]

Members of the 2023-2024 WhatsApp group chat, including Sitt, also held a video call in April 2024 with New York City Mayor Eric Adams in an effort to, according to reporting by The Washington Post, "pressure Columbia’s president and trustees to permit the mayor to send police to the campus" to shut down criticism of Israel's offensive military operations in Gaza, which many campus protesters, intergovernmental and non-governmental organizations, civil servants, and governments around the world have alleged to be genocide. [25] During the video call, group members discussed making political donations to Adams. [25] Following the video call, Sitt wrote to group members to inform them that Adams was "open to any ideas we have." [25] About Adams, he continued, "As you saw he's ok if we hire private investigators to then have his police force intel team work with them." [25] Through a spokesperson, Sitt declined to comment on the existence of the group chat or his involvement, but said he did not donate to Adams. [25]

Personal life

Sitt is married and has four sons. [5] He lives in Bensonhurst, Brooklyn. [5] His uncle is real estate developer Stanley Chera. [2] Sitt is a founding member of the Sephardic Community Alliance. [27]

Related Research Articles

<span class="mw-page-title-main">Coney Island</span> Neighborhood of Brooklyn in New York City

Coney Island is a neighborhood and entertainment area in the southwestern section of the New York City borough of Brooklyn. The neighborhood is bounded by Brighton Beach to its east, Lower New York Bay to the south and west, and Gravesend to the north and includes the subsection of Sea Gate on its west. More broadly, the Coney Island peninsula consists of Coney Island proper, Brighton Beach, and Manhattan Beach. This was formerly the westernmost of the Outer Barrier islands on the southern shore of Long Island, but in the early 20th century it became connected to the rest of Long Island by land fill.

<span class="mw-page-title-main">Fred Trump</span> American real-estate developer (1905–1999)

Frederick Christ Trump Sr. was an American real-estate developer and businessman. He was the father of Donald Trump, the 45th president of the United States.

David Lichtenstein is an American billionaire, entrepreneur, and real estate investor. He is the founder and CEO of The Lightstone Group, which he founded in 1988.

Thor Equities is a real estate development, leasing and management firm, with headquarters in New York City, London and Mexico City. Thor Equities owns property in the United States, Canada, Europe, Russia, India and Latin America, including London's historic Burlington Arcade and the Palmer House Hilton. In New York City, Thor owns retail, office and residential properties on Fifth Avenue and Madison Avenue as well as in SoHo, Flatiron, the Meatpacking District, and Brooklyn including Coney Island. Thor also has investments in major U.S. cities including San Francisco's Union Square; Georgetown in Washington, D.C.; Robertson Boulevard in West Hollywood; Collins Avenue; Lincoln Road; Wynwood and the Design District in Miami. Thor offers investment vehicles for institutional investors through its Thor Urban Property Funds. Thor Equities also has several subsidiary companies including retail advisory and tenant representation firm Thor Retail Advisors.

Ashley Stewart is an American plus size women's clothing company and lifestyle brand, which was founded in 1991. The name Ashley Stewart was inspired by Laura Ashley and Martha Stewart, who the company saw as icons of upscale Americana.

<span class="mw-page-title-main">Charles Scribner's Sons Building</span> Commercial building in Manhattan, New York

The Charles Scribner's Sons Building, also known as 597 Fifth Avenue, is a commercial structure in the Midtown Manhattan neighborhood of New York City, on Fifth Avenue between 48th and 49th Streets. Designed by Ernest Flagg in a Beaux Arts style, it was built from 1912 to 1913 for the Scribner's Bookstore.

<span class="mw-page-title-main">Barry Sternlicht</span> American businessman (born 1960)

Barry Stuart Sternlicht is an American billionaire and the co-founder, chairman, and CEO of Starwood Capital Group, an investment fund with over $100 billion in assets under management. He is also chairman of Starwood Property Trust. He is the founder of Starwood Hotels and Resorts Worldwide and served as its Chairman and CEO from 1995 to 2005. As of May 2023, his net worth was estimated at $4.6 billion.

<span class="mw-page-title-main">Daniel Lubetzky</span> American businessman

Daniel Lubetzky is an American billionaire businessman, philanthropist, author, and founder and executive chairman of snack company Kind LLC.

Joseph Moinian is an American investor, real estate developer, and philanthropist. He is the founder and CEO of The Moinian Group, one of the largest privately held real-estate firms in the United States. He owns and operates more than $10 billion of real estate across the country.

Jeff Sutton is an American billionaire real estate developer and the founder of Wharton Properties. In December 2023, his net worth was estimated at $2.3 billion by Forbes.

Joseph Jack Cayre is an American billionaire businessman and real estate developer. Together with his brothers he co-founded the record label Salsoul Records, video tape distributor and producer GoodTimes Entertainment, and video game publisher GT Interactive. He is also the founder and principal of the New York-based real estate development firm Midtown Equities.

Stanley Isaac Chera was an American billionaire businessman and investor. The founder of Crown Acquisitions. Born in Brooklyn to a Syrian Jewish family, Chera started purchasing real estate in New York City in the 1980s, first as a minority partner and later in the 2000s as the lead developer.

Kalmon Dolgin is a real estate investor and developer based in New York. He serves as the president of Kalmon Dolgin Affiliates, Inc. and is part of the Dolgin family, which has been acknowledged by Real Estate Weekly for their contributions to the New York real estate scene.

RXR Realty is a vertically integrated real estate and infrastructure owner, investor, operator, and developer headquartered in New York City. The firm’s portfolio of commercial, residential, multifamily, infrastructure, and logistics projects includes 91 commercial real estate properties and investments held across the country as of 2023. RXR is a privately held company that employs around 450 professionals with experience in operations, real estate development, construction, investment, and asset management.

Albert "Al" Laboz is a New York real estate developer, landlord, and the founder of United American Land.

Dreamland was an amusement park in Coney Island, Brooklyn, New York City that operated at the site of the defunct Astroland park for the 2009 season. It was replaced with a new Luna Park the following year.

<span class="mw-page-title-main">Sterling Equities</span>

Sterling Equities is a diversified, family-run group of companies based in Great Neck, New York whose portfolio consists primarily of holdings in real estate, sports, and media in the New York area. These include the New York Mets, the Brooklyn Cyclones, SportsNet New York, the New York Excelsior, Sterling Project Development, and a number of real estate investment portfolios and real estate services businesses. The firm became embroiled in the Bernie Madoff Scandal exposing a relationship between Sterling Equities partners and Bernie Madoff spanning 20 years. The partners eventually settled a billion dollar suit with the Madoff Trustee, Irving Picard, for $161 million.

<span class="mw-page-title-main">Syrian Americans in New York City</span> Ethnic group

The city of New York City includes a large Syrian population. New York City's Syrian community was historically centered in Manhattan's Little Syria, but is now centered in Brooklyn. Historically, Syrians in New York City were predominantly Christian. In the modern era, the city is home to the world's largest Syrian-Jewish community outside of Israel. 75,000 Syrian Jews live in New York City, mostly in Brooklyn. New York City is also home to a smaller community of Syrian Muslims who have lived in the city for over a century, most of whom have immigrated since the 1960s.

Turnbridge Equities is a privately held, New York-based real estate investment company. It has a $2 billion portfolio of development projects for various types of properties in the United States and is considered "asset class-agnostic". The company began construction on a 1.3 million square foot logistics center, one of the largest industrial projects in New York City in 2021. Turnbridge was founded in 2015 by Andrew Joblon, who worked for another New York real estate firm, Fisher Brothers.

References

  1. 1 2 3 4 5 6 7 Inc Magazine: "How I Did It: Joe Sitt, Thor Equities", January 2006
  2. 1 2 Pincus, Adam (January 1, 2014). "The Syrian retail touch - An inside look at the Syrian Jewish investors dominating NYC retail — from Sutton to Sitt, including how much revenue they're pulling in"". The Real Deal . Archived from the original on January 20, 2021.
  3. ↑ Pincus, Adam (February 1, 2011). "Clans with plans". The Real Deal. Archived from the original on March 4, 2016 – via The Wayback Machine.
  4. ↑ Issenberg, Sasha (1 Jan 2006). "How I Did It: Joe Sitt, Thor Equities - Inc. Magazine".
  5. 1 2 3 4 Crain's New York: "Joseph J. Sitt, 39" Archived 2010-12-26 at the Wayback Machine 2004
  6. 1 2 New York Times: "COMPANY NEWS; Children's Place Sold by Campeau" November 10, 1988
  7. ↑ The Real Deal: "Taking the Fifth: Joe Sitt is buying up Fifth Avenue, but is he overpaying? - Investor Joe Sitt has ramped up his building buys on Fifth Avenue, but is he paying too much?" By Adam Piore January 03, 2012
  8. 1 2 3 "An Eye for Opportunity", Stern Business, Spring/Summer 2008
  9. ↑ Philadelphia Inquirer: "House Of Bargains Is Sold" By Jane M. Von Bergen December 09, 1998
  10. ↑ Commercial Observer: "Joe Sitt: International Man of Mystery" BY DANIEL GEIGER July 31, 2012
  11. ↑ "Thor Equities - Global Real Estate Leader". Thor Equities.
  12. ↑ "Global Gateway Alliance - About US". globalgatewayalliance.org. Archived from the original on 5 January 2013. Retrieved 18 April 2013.
  13. ↑ "A 21st Century Airport for the State of New York: The New LaGuardia" (PDF). GovernNy. Retrieved 16 August 2016.
  14. ↑ "Statement Of Global Gateway Alliance Board Members Calling For Fast Tracking Laguardia Central Terminal Building" (PDF). GlobalGatewayAlliance. Retrieved 16 August 2016.
  15. ↑ "NYC airports are the worst for amenities: study". NewYorkPost. Retrieved 16 August 2016.
  16. ↑ "NY airports rank last in transit access, study says". CrainsNewYork. Retrieved 16 August 2016.
  17. ↑ "La Guardia Airport to Be Overhauled by 2021, Cuomo and Biden Say". NewYorkTimes. Retrieved 16 August 2016.
  18. ↑ "Coney Island bring backs the popular street art exhibition, "Coney Art Walls"". TimeOut New York. Retrieved 1 January 2019.
  19. ↑ "Effort to Revive Retail Plaza Gains in Bedford-Stuyvesant", NY Times, May 12, 2004
  20. ↑ "Restoration Plaza", restorationplaza.org
  21. ↑ "8th Annual New York Inner City Leadership Ceremony Honors Joseph J. Sitt and Comptroller William Thompson". thefreelibrary.com. Retrieved 2 May 2013.
  22. ↑ "Joseph Sitt And Diane Von Furstenberg Behind $12 Million Venice Ghetto Renewal". JewishBusinessNews. Retrieved 16 August 2016.
  23. ↑ "Joseph Sitt Bio". ThorEquities.com - History. Retrieved 2 May 2013.
  24. ↑ "Ernst and Young Names Joseph Sitt Entrepreneur of the Year". PR Newswire. Retrieved 18 June 2014.
  25. 1 2 3 4 5 6 7 8 9 10 11 12 Natanson, Hannah; Felton, Emmanuel (May 16, 2024). "Business titans privately urged NYC mayor to use police on Columbia protesters, chats show". Washington Post. Retrieved May 17, 2024.
  26. ↑ "Israel-Gaza War Live Coverage". Washington Post. May 15, 2024. Retrieved May 17, 2024.
  27. ↑ The Sephardic Community Alliance: "Building our Future by Preserving the Past" Archived 2015-04-02 at the Wayback Machine September 2009
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.