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Well known but not exactly well respected in NYC
They're top of the line garbage. Bad investors, bad culture, huge egos, not trusted.
You have experience with them?
Culture - Shitty
Operations - Shitty
Work difficulty - Probably easy given that they suck at underwriting, and buy anything.
Would working at Thor give you good exit ops? - No
Business cards - top of the line
Makes sense given that they continuously buy retail assets considering how they have been struggling in the past 2-3 years.
Spot on. Culture is a huge red flag there. Would avoid if you can.
Interviewed with these guys a couple years back in person. Revolving door of employees. Every one is miserable and the culture is awful. When I asked each of the four I interviewed with about the culture, each were hesitant. The head of the group I interviewed with also bashed her current Analyst right there to me which turned me away quickly.
They are also always defaulting on their loans and that is pre covid. I don’t know who any of there capital sources are aside from HNW Syrian Jew money but I have heard they’ve lost a ton of institutional backing over the past couple years.
That sucks. Might have an opportunity with them. It’s a tough job market but I’m not super desperate.
So, I guess I shouldn't apply?
Joe Sitt is in big trouble right now. The only reason someone should be taking a job there is if they desperately need to move. They were in a rough spot pre COVID and are in a storm of shit right now.
Should a tenant rep broker currently making no money and wants to move to the equity side consider this job? Yes, but thats about it.
Yikes.
This is why this site is helpful. Had no idea this place was so shitty.
Definitely. I thought they were well-respected and successful. They are a brand name in NYC.
So, lot of comments that the culture sucks but how about some explanation or even a breadcrumb’s worth of more detail.
How about 3 ex employees, saying how toxic it was?
“Toxic” doesn’t tell me much. Are ppl dicks there? Bro culture? Cut throat? Long work hours? Bad pay? Low morale (sounds like it)?
Ok Jack Sitt.
Can't speak to the culture but their forays into the MF market have been disastrous. As in, laughably bad. And obviously the retail business isn't going anywhere
Their portfolio is heavily skewed towards retail. Their MF exposure isn’t impressive. Based on those two facts, you can tell they’re struggling. Might force them to make some future risky investments to make up for their losses.
They continuously try to reinvent themselves and fall flat because they are idiots.
I was there when they were becoming "creative office investors" in the valley.
and I am here now as they try and penetrate my new market. And they will fail because they are fools that have no idea what they're doing but think they are smarter than everyone.
They're and awful group to have even ACTIVE in your market. Screw up everything for the good guys...
Yup. Now they're life sciences investors... LMFAO!
Seriously...
and the flavor of the day is xyz
Does anyone know where their capital comes from aside from HNW Syrian Jewish money? Do they have funds backed by institutional capital?
Struggle to understand how these guys have so many assets under management.
With their investment record, they probably secure capital off of relationships and not merit. If you have buddies who are also lenders, they may be willing to lend on projects that most other lenders would not touch with a 10 foot pole.
Bump
Why the bump, are you not convinced?
this place is an absolute joke. their head of HR completely ghosts you.
also - their investment thesis is all over the place. started off as a retail shop and pivoted into too many lanes...this won't end well.
AVOID!!
Confused on this don't alot of guys pivot and get experience with other assets? Taconic - office (life sci too), resi, now branching into industrial. Many owner/developers branch off into different areas given the opportunity, nothing wrong with it.
Any other firms like this in NYC from people with first or second hand accounts? Big name firms that have terrible culture, etc but own exceptional assets?
They don’t own exceptional assets lol. If you look at their portfolio on their website, it’s mostly retail. Yeah they own flashy assets but it’s still retail. Retail has been struggling the past 6 months and is going to continue to struggle as it is no longer desirable.
They probably have a good amount cash to weather this and I would say some of their retail assets are exceptional. They own on some of the best retail corridors in the city. They're probably getting destroyed right now with rents coming down and vacancies, but their locations have intrinsic value and retail is not done for good it will come back.
Have not heard good things about SLG, RXR, Vornado.
Any big name owner/operator in NYC is likely going to be a rough/cut throat culture. The three above though, are way better resume boosters and experience than Thor and would jump at an opportunity.
I could catch some shit for this but honestly any shop that relies on raising capital from the "hats" usually is buying some bunk shit.
What are the "hats"?
I'm all for shitting on Thor (terrible firm) but let's cool it with the antisemitism...
WallStreetOasis.com s Can we nix this please?
When I was on the brokerage side we pitched them for an assignment to sell a MF building they had bought on the UES. My boss had worked in RE for 20+ years and had never seen a case of someone overpaying as much as they had for the building.
Other stories on here about them are pretty crazy as well (in other threads). Not sure how true, but something about Joe at his kids school and buying a building a broker sent to him on a whim in the area just to show off.
I’ve heard the same from ex-Thor SA.
If this is about their recent AM analyst posting, just forget it
How many people have left this gig in the last 2 years?
i interviewed for this a couple years back seems like a revolving door. RUN!!
Literally is a revolving door. My former roommate was there for less than 12 months and could not give less of a fuck about leaving early. Thor is just not a good place for juniors.
Lmfaooo
Another day. Another foreclosure for Thor. Joke firm.
Sheesh
They’re facing foreclosure on their Chicago Hotel. Real Deal reported the ofher day. Their CMBS loan is worth $100M more than the property value.
Would you rather: Thor Equities or World Class Capital?
My poison would be Thor, at least they haven’t got raided by the FBI yet. Also Thor might be not be the best place to work, but Nate Paul has ruined people’s lives.
I’d rather raw dog a hooker with COVID.
I misread your comment, I thought u said you would raw dog a dog.
Bump
Can’t come to the conclusion from posts already that the firm simply sucks?
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