- Thor Equities
Infobox_Company
company_
company_name = Thor Equities
company_type = Private Ownership
founder = Joseph Sitt
foundation =1986
location =
industry =Private Equity
products =Real estate ,Hotel s,Shopping Center s
assets = $1 billion [http://www.thorequities.com/urbanpropertyfund.aspx]
homepage = [http://www.thorequities.com/ www.thorequities.com]Thor Equities, LLC, is a
private equity firm founded by Joseph Sitt (born 1965 inGravesend, Brooklyn ) inNew York City that specializes in turning aroundinner city buildings.The company owns the
Palmer House in Chicago and much of the ocean front ofConey Island . It owns property in New York City, Washington, D.C., Boston, Baltimore, Miami, Chicago, Boston, Detroit and Los Angeles.Founding
The company was founded in 1986 while Sitt was attending
New York University . Sitt said he got the idea while working in flea markets in the New York City area where he discovered that that the inner city was poorly served for even businesses like toys. [ [http://www.inc.com/magazine/20060101/qa-sitt.html How I Did It: Joe Sitt, Thor Equities - inc.com - January 2006] ] Specifically he was to say that he was annoyed that at age 12 he had to go toManhattan to get anAtari computer because he couldn't get it in Brooklyn. [ [http://www.inc.com/magazine/20060101/qa-sitt.html How I Did It Joe Sitt, Thor Equities - inc.com - January 2006] ]He picked the name
Thor for the company name because he was an avidThor (comics) fan and thought it would fit his "concept of being the protector of the cities."His first investment was a property sold at tax auction in the on East Tremont Avenue in the
Bronx where he built a one-story retail structure with money from "family, friends, roommates, parents of roommates." [ [http://www.inc.com/magazine/20060101/qa-sitt.html How I Did It Joe Sitt, Thor Equities - inc.com - January 2006] ] He brought in national retailersRite Aid Pharmacy andPayless Shoes .Ashley Stewart
After finding it difficult to get major retailers to come to the locations he started in 1991 his own retail company Ashley Stewart (with a name inspired by
Laura Ashley andMartha Stewart ) sellingPlus-size clothing targeted at black women. [ [http://www.inc.com/magazine/20060101/qa-sitt.html How I Did It: Joe Sitt, Thor Equities - inc.com - January 2006] ]Defying the conventional retailing fortress methodology, had gates on them with holes so that light from them shone in the neighborhood even while closed.
His business boomed and he sold out in 2000 to concentrate on real estate.
In 2004 he was profiled by
Crains in a "40 Under 40" article which said at the time he had a 6 million-square-foot portfolio worth nearly $750 million. [ [http://mycrains.crainsnewyork.com/40under40/profiles/2004/238 Joseph J. Sitt, 39 Crainsnewyork.com ]Remaking Brooklyn
In 2003-2004, Thor began buying the western edges of Coney Island and flipped for a $72 million profit when the land was rezoned residential. Thor then bought more land on Coney Island along Stillwell Avenue as well as some boardwalk property and even
Astroland .In 2005 Thor announced it planned to build the 60-story Thor Tower in downtown Brooklyn on the parking lot it owned at the Albee Square Mall at Willoughby Street and Flatbush Avenue Extension. [ [http://query.nytimes.com/gst/fullpage.html?res=9D00E3D6153FF93AA25753C1A9639C8B63&sec=&spon=&pagewanted=all SQUARE FEET; Towers Grow in Downtown Brooklyn - New York Times - October 19, 2005] ] The building would have been the tallest tower in Brooklyn. After the city changed zoning to permit the tower, Thor flipped the proposed site for $125 million.
In 2005 Thor followed a new path buying the
Hilton Hotel owned Palmer House in Chicago for $230 million and announced plans for a $100 million renovation. [http://findarticles.com/p/articles/mi_m0EIN/is_2005_August_17/ai_n14928189]In 2006 Thor announced plans for a $1.5 billion
Bellagio style hotel condiminium complex on the waterfront in Coney Island provided it can get the zoning changes to residential [http://nymag.com/nymetro/realestate/features/14498/index1.html] Astroland which was originally to close at the end of the 2007 season stayed until 2008.References
External links
* [http://www.thorequities.com/ thorequities.com]
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