Thor Equities: Difference between revisions
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==Ashley Stewart== |
==Ashley Stewart== |
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After finding it difficult to get major retailers to come and serve inner city locations, in 1991 he started his own retail company, [[Ashley Stewart]] (with a name inspired by [[Laura Ashley]] and [[Martha Stewart]]), selling [[plus-size clothing]] to African American women.<ref name="Inc-Jan06"/> |
After finding it difficult to get major retailers to come and serve inner city locations, in 1991 he started his own retail company, [[Ashley Stewart]] (with a name inspired by [[Laura Ashley]] and [[Martha Stewart]]), selling [[plus-size clothing]] to African American women.<ref name="Inc-Jan06"/> |
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The stores hired from the community and were recognized by President Clinton for their large contribution to the nation’s Welfare to Work program.<ref name="Stern">[http://w4.stern.nyu.edu/sternbusiness/spring_2008/sternInCity.html “An Eye for Opportunity”], Stern Business, Spring/Summer 2008</ref> 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.<ref name="Inc-Jan06"/><ref name="Stern"/> Sitt also part owned and managed the Children’s Place kids clothing chain, as well as Marianne Stores, a retail outlet for Latina women.<ref name="Stern"/> |
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His business boomed and he sold his interest in 2000 to concentrate on urban real estate.<ref name="Inc-Jan06"/> |
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In 2004 he was profiled by [[Crains]] in a "40 Under 40" article, which reported that he had a {{convert|6000000|sqft|m2|adj=on}} portfolio worth nearly $750 million.<ref name="Crain’s 40 under 40"/> |
In 2004 he was profiled by [[Crains]] in a "40 Under 40" article, which reported that he had a {{convert|6000000|sqft|m2|adj=on}} portfolio worth nearly $750 million.<ref name="Crain’s 40 under 40"/> |
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Revision as of 06:00, 10 November 2010
| Company type | Private Ownership |
|---|---|
| Industry | Private Equity |
| Founded | 1986 |
| Founder | Joseph Sitt |
| Headquarters | New York City, New York, United States |
| Products | Real estate, Hotels, Shopping Centers |
| Total assets | $1 billion [1] |
| Website | www.thorequities.com |
Thor Equities, LLC, is a real estate development and investment firm founded by Joseph Sitt based in New York City that specializes in revitalizing and adding value to urban properties in high density areas. The company owns the historic Palmer House Hilton in Chicago and much of the ocean front of Coney Island. It also owns property in New York City, Washington D.C., Philadelphia, Puerto Rico, Mexico, Boston, Atlanta, Baltimore, Norfolk VA, Miami, Chicago, Cincinnati, Boston, Detroit, San Francisco, Orlando, and Los Angeles.[1][2]
Joseph Sitt biography
Joseph Sitt was born near Coney Island, Brooklyn in 1964. He received his B.S. from New York University Stern School of Business and founded Thor Equities in 1986 while he was attending school there, named for a favorite comic book series. [3]
Ashley Stewart
After finding it difficult to get major retailers to come and serve inner city locations, in 1991 he started his own retail company, Ashley Stewart (with a name inspired by Laura Ashley and Martha Stewart), selling plus-size clothing to African American women.[3]
The stores hired from the community and were recognized by President Clinton for their large contribution to the nation’s Welfare to Work program.[4] 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.[3][4] Sitt also part owned and managed the Children’s Place kids clothing chain, as well as Marianne Stores, a retail outlet for Latina women.[4]
His business boomed and he sold his interest in 2000 to concentrate on urban real estate.[3]
In 2004 he was profiled by Crains in a "40 Under 40" article, which reported that he had a 6,000,000-square-foot (560,000 m2) portfolio worth nearly $750 million.[5]
Development activities
Thor Equities is a full service real estate development and investment company who’s capabilities include acquisitions, financial management, development, property management, and leasing. Thor specializes in value-added investments in shopping centers, malls and mixed-use urban projects. Today, Thor’s current portfolio of properties totals 12,000,000 square feet (1,100,000 m2) and is valued at more than $3 billion. Thor manages several property funds who’s investors include pension funds, investment banks, college endowments, and foundations.[1][6]
In 2001, Thor purchased Albee Square Mall in downtown Brooklyn and made various facility improvements in effort to attract new tenants to the long underperforming property.[7] In 2005, Thor announced plans to build a 60-story tower in downtown Brooklyn on the parking lot it owned at the Albee Square Mall at Willoughby Street and Flatbush Avenue Extension.[8] The building was to be the tallest tower in Brooklyn. After the city changed zoning to permit the tower, Thor sold the proposed site for $125 million. Sitt felt the company had improved the area and that it was time to execute for his investors and move on.[2]
Thor also bought the historic Palmer House Hilton Hotel in Chicago for $230 million and proceeded with a $150 million renovation.[4][9] Thor won numerous awards for this renovation including the Landmarks Real Estate and Building Industries Council Award for its “ongoing commitment to preservation and outstanding renovation,” The Chicago Commercial Real Estate Award for Redevelopment of the Year, The Construction Industry Service Corporation Award for Rehabilitation Project of the Year, and The Friends of Downtown Chicago Award for Best Renovation Project.[6]
In 2005, Thor bought a parcel of land west of the amusement district in Coney Island for $13 million, and sold 14 months later for $90 million. Thor then bought 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 resort to contain a huge glass-enclosed water park, wild rides, many stores and condominiums or time-share hotels in tall towers near the beach with the land it had acquired in Coney Island which required several zoning changes and soon City Hall and Thor became involved lengthy negotiations.[10][11] The city had a competing vision and attempted to buy Thor’s land, but Thor did not accept the city’s offer. The negotiations continued and Astroland ceased operations 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 a little more than half of his 12.5 acres (51,000 m2) of land in Coney Island for $95.6 million. The deal capped off a lengthy 3 year negotiation with each side maintaining it had the best plan for the Coney's revival.[11]
Non profit activities and honors
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.[12][13]
He also has served on the board of The Downtown Brooklyn Council Economic Development Advocacy Group and as co-chairman of The New York City Fulton St. Business Improvement District where he partnered with the New York City commissioner to create the merger of the administration’s various Brooklyn BIDS.[6]
He is a frequent speaker at various professional real estate organizations around the country including the National Retail Federation, Pension Real Estate Association (PREA), Information Management Network (IMN), and The International Council of Shopping Centers (ICSC). He is a guest lecturer at various colleges around New York City and the nation including Columbia, NYU, Baruch, and Notre Dame. In 2007, he was awarded the Inner City Economic Leadership Award by Harvard Professor Michael Porter for “demonstrating an extraordinary commitment to fostering healthy competitive business conditions and new opportunities in inner city neighborhoods.”[6]
References
- ^ a b c "Thor Urban Property Fund", thorequities.com
- ^ a b "Coney Island keeper", Crains NY, June 28, 2009
- ^ a b c d Cite error: The named reference
Inc-Jan06was invoked but never defined (see the help page). - ^ a b c d “An Eye for Opportunity”, Stern Business, Spring/Summer 2008
- ^ Cite error: The named reference
Crain’s 40 under 40was invoked but never defined (see the help page). - ^ a b c d “Joseph J. Sitt Bio”, thorequities.com
- ^ “Gloom to Glamour”, Shopping Centers Today, June 2004
- ^ "Towers Grow in Downtown Brooklyn", New York Times, October 19, 2005
- ^ “Thor Buys Historic Palmer House Hotel from Hilton Hotels Corporation;Plans to Add New Retail Space”, Business Wire, August 17, 2005
- ^ “The Incredibly Bold, Audaciously Cheesy, Jaw-Droppingly Vegasified, Billion-Dollar Glam-Rock Makeover of Coney Island”, New York Magazine, September 26, 2005
- ^ a b "Seeking Revival, City to Buy Land in Coney Island" New York Times, November 11, 2009
- ^ "Effort to Revive Retail Plaza Gains in Bedford-Stuyvesant", NY Times, May 12, 2004
- ^ "Restoration Plaza", restorationplaza.org
External links
- Official website
- Fred A. Bernstein, "A Hotel Looks Back to Its 1920s Glamour", New York Times, October 25, 2008