Thor Equities

Has anyone ever heard of Thor Equities? I always see their huge leasing ads around the city in empty retail space so I checked out their wiki page:

"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"

It's hard to tell exactly but from that page it seems like net assets ~1bn and gross assets around ~3bn. The fund appears to be pretty micro-focused on really shitty assets and kind of giving them a second wind, which I think is awesome.

Does anyone have any insight into what its like to work there or what kind of reputation they have? even if they're not well known outside of nyc, chicago, etc does the industry respect their business?

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Comments (8)

Jul 15, 2012 - 2:08pm

I know nothing about the business, but I see their 10+ story ad on 5th avenue of a dude grabbing a woman's rear-end, saying "You know you want it."

Awesome advertising. Also consider that they own store-front 5th ave real estate. They can't be doing that bad.

Jul 17, 2012 - 4:26pm

It's a pretty well regarded tough firm. Focused on retail related assets. Has done stuff related to coney island and has some stuff in the Meatpacking area. NYC focused development/acquisition.

Check therealdeal.com, plenty of info there.

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Jul 17, 2012 - 7:05pm

They acquired the Burlington Arcade in London last year with Mayer Bergman. This is a good asset in a prime location, so not shitty real estate at all. I think their intention is to modernise (hopefully not Americanise) it... They have a fund in the US, but also syndicate equity on their deals on a deal-by-deal basis for deals outside of the fund's parameters.

They're active (which is saying something in RE these days), but I'm not aware of their historical returns, Asset Management ability or what it's like to work there.

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