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.
Joseph J. Sitt | |
|---|---|
| Born | 1964 (age 59–60) |
| Nationality | American |
| Education | Yeshiva of Flatbush |
| Occupation | Real Estate Developer |
| Known for | Founder of Ashley Stewart Founder and President of Thor Equities Group |
| Children | 4 |
| Website | http://www.thorequities.com/ |
Early life and education
editSitt 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
editSitt 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]
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
editGlobal Gateway Alliance
editJoseph 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
editIn 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
editJoseph 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
editSitt 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
editSitt 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]
References
edit- ^ a b c d e f g Inc Magazine: "How I Did It: Joe Sitt, Thor Equities", January 2006
- ^ a b 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.
- ^ Pincus, Adam (February 1, 2011). "Clans with plans". The Real Deal. Archived from the original on March 4, 2016 – via The Wayback Machine.
- ^ Issenberg, Sasha (1 Jan 2006). "How I Did It: Joe Sitt, Thor Equities - Inc. Magazine".
- ^ a b c d Crain's New York: "Joseph J. Sitt, 39" Archived 2010-12-26 at the Wayback Machine 2004
- ^ a b New York Times: "COMPANY NEWS; Children's Place Sold by Campeau" November 10, 1988
- ^ 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
- ^ a b c "An Eye for Opportunity", Stern Business, Spring/Summer 2008
- ^ Philadelphia Inquirer: "House Of Bargains Is Sold" By Jane M. Von Bergen December 09, 1998
- ^ Commercial Observer: "Joe Sitt: International Man of Mystery" BY DANIEL GEIGER July 31, 2012
- ^ "Thor Equities - Global Real Estate Leader". Thor Equities.
- ^ "Global Gateway Alliance - About US". globalgatewayalliance.org. Archived from the original on 5 January 2013. Retrieved 18 April 2013.
- ^ "A 21st Century Airport for the State of New York: The New LaGuardia" (PDF). GovernNy. Retrieved 16 August 2016.
- ^ "Statement Of Global Gateway Alliance Board Members Calling For Fast Tracking Laguardia Central Terminal Building" (PDF). GlobalGatewayAlliance. Retrieved 16 August 2016.
- ^ "NYC airports are the worst for amenities: study". NewYorkPost. Retrieved 16 August 2016.
- ^ "NY airports rank last in transit access, study says". CrainsNewYork. Retrieved 16 August 2016.
- ^ "La Guardia Airport to Be Overhauled by 2021, Cuomo and Biden Say". NewYorkTimes. Retrieved 16 August 2016.
- ^ "Coney Island bring backs the popular street art exhibition, "Coney Art Walls"". TimeOut New York. Retrieved 1 January 2019.
- ^ "Effort to Revive Retail Plaza Gains in Bedford-Stuyvesant", NY Times, May 12, 2004
- ^ "Restoration Plaza", restorationplaza.org
- ^ "8th Annual New York Inner City Leadership Ceremony Honors Joseph J. Sitt and Comptroller William Thompson". thefreelibrary.com. Retrieved 2 May 2013.
- ^ "Joseph Sitt And Diane Von Furstenberg Behind $12 Million Venice Ghetto Renewal". JewishBusinessNews. Retrieved 16 August 2016.
- ^ "Joseph Sitt Bio". ThorEquities.com - History. Retrieved 2 May 2013.
- ^ "Ernst and Young Names Joseph Sitt Entrepreneur of the Year". PR Newswire. Retrieved 18 June 2014.
- ^ a b c d e f g h i j k l 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.
- ^ "Israel-Gaza War Live Coverage". Washington Post. May 15, 2024. Retrieved May 17, 2024.
- ^ The Sephardic Community Alliance: "Building our Future by Preserving the Past" Archived 2015-04-02 at the Wayback Machine September 2009