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Career Resources
Had a phone interview with them once ~2 years ago and they asked what comp I was seeking for an analyst/associate position and I tossed out that I was seeking $85k in NYC and they said said more like $65k.
Really surprising how low it is based on how big the company is and how many assets they have.
Didn't pay attention to the rest of the call after hearing about the low pay.
Woah that's low... you can find entry level analyst jobs in philly for $80k plus (base)
They do huge, cool deals nationally. But I've heard they are all jerks.
I have a friend who used to see one of the founder/CEO's sons (IIRC he works at Thor) and from what i heard, he was an absolute jerk.
Heard they were trying to sell their entire portfolio? Is that true?
Did a deal with them ~3 years ago. Extremely unsophisticated and unimpressive IMO. Besides that, they work the market, which is annoying as fuck. The one acq. guy I am thinking of would have time consuming asks on nearly every deal we had out and would NEVER submit.
In short, they seemingly didn't get IT. Maybe that's changed...
3 years ago they were expanding their portfolio, this was R&D office though. I'd heard they were shedding under performing retail assets?
Run away!
Ha, dude I just talked to you about this!
Figured I would post anyways ha
Terrible reputation in NYC, would avoid at all costs.
All I know is that they're a retail focused shop, and not particularly creative about it, so I'm not sure how they'll adapt. I know they tried to enter the MF market a couple years ago, specifically a rent stabilized deal in the Bronx. Completely blew their assumptions and ended up losing a substantial deposit, I think.
Long story short, I don't know what the road forward for them looks like except as a retail asset management firm. They probably need to hire an entirely new team to branch into new products, but as others have said, they're not noted for generous pay packages or the ability to rise high in the company.
Worked w/ them a while back on a re-fi of a rent-stabilized MF deal. I was at a generalist fund that had never done any NYC MF deals before and w/in a week of scrubbing the materials they had sent us, it was apparent that neither they nor their brokers understood how the rent stabilization process worked. Initially, I was convinced that I was missing something because this was a fairly large shop in NYC that owned the asset, but they just didn't understand it. We never closed w/ them.
I'm much more bullish on Hulk Securities.
They're focused on industrial plays now.
interviewed with them a year ago for an analyst role. pretty sure i asked for too much $$$ but most of the guys all got in from knowing one another or being an intern.
They are losers by the actual definition of the word. They have lost so much money its ridiculous. They try to hide it but the whole street knows they have been taking losses for years.
Yesterday's Real Deal:
https://therealdeal.com/2019/05/29/thor-in-danger-of-losing-madison-ave…</a">Thor Equities Could Lose 1006 Madison Avenue
> In what seems like a regular occurrence these days, Thor Equities is having trouble with another one of its retail properties.
> Joe Sitt’s firm is in default on the $17 million loan backing its retail property at 1006 Madison Avenue, and the loan’s special servicer has filed to foreclose on the asset, court records show.
> The troubled loan at 1006 Madison is the just the latest in a string of recent setbacks Thor’s experienced on its retail properties.
-- continued -->
> Last week a $30 million CMBS loan backed by the company’s 545 Madison Avenue was sent to special servicing due to “severe cash flow issues.”
> And last month a special servicer took over Thor’s $37 million mortgage on the Soho property at 115 Mercer Street the company owns with Premier Equities.
Foreclosure after foreclosure. What’s going on?
An article just came out yesterday or the day before on TRD about more properties facing foreclosure. Anyone have any insight? This isn't a big deal because they have billions in assets, but they clearly overvalued retail properties when buying correct?
Anyone think I would be able to transition to a different/better company in the middle market after 2 years?
who is their equity?
Mixture of institutional and HNW Sephardic money
All the chosenites are levered up to the hilt with Israeli bond money at stupid low interest rates.
Heard through the grapevine that when Sitt was in DC for his daughter's graduation some broker got wind and convinced him to see the Lantham Hotel site in Georgetown that another group had picked up and quickly realized it didn't make sense. The story is that Sitt wanted to beat his chest and flex in front of his whole family so he declared that he'd buy the site. Well that was 4 years ago and Thor hasn't done shit with the site, it's literally sat vacant the whole time. They haven't been able to land any tenants so they're exploring a sale because shocker - it doesn't make sense. If that story is even remotely true the guy sounds like a total dumbass.
I heard there are major environmental problems at that site.
looks like they did more than break ground - https://www.popville.com/2019/02/cool-construction-coverup-but-developm…
this thread makes me curious about what's really going on
It was obvious to everyone that they were overpaying for their retail acquisitions. They proforma'd huge rents and then retail corrected. Thor will continue losing properties to foreclosure.
I remember reading an article in the The Real Deal in which some NYC real-estate legend said he loved selling to Sitt because he would make up his mind within a few hours and sign a hard contract that day. The guy who was quoted spun it like he was lauding him for his decisiveness, but in doing so it exposed how silly Sitt's process is. Working in acquisitions at Thor must be a weird experience.
What's going on over there?
https://www.crainsnewyork.com/real-estate/thor-equities-close-losing-an…
> Thor Equities is close to losing another commercial property in the city, in what would be the latest in a string of setbacks for the firm. > > The owner of 545 Madison Ave., a 17-story, 140,000-square-foot office building, is seeking to evict Thor, which has ground-leased the Midtown property for several years. > > As the property lost tenants, Thor fell behind on its rent and in July, Marx Realty began eviction proceedings against the firm in New York City Civil Court. > > Marx Realty’s complaint states that Thor hasn’t paid $554,583.33 in ground rent that was due July 1, plus interest, and also has failed to pay more than $1.6 million in real estate taxes for the building, which Marx Realty states in its complaint is also a breach of the terms of Thor’s ground lease.
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