Comments (30)

May 2, 2019

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.

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May 2, 2019

Woah that's low... you can find entry level analyst jobs in philly for $80k plus (base)

May 2, 2019

They do huge, cool deals nationally. But I've heard they are all jerks.

May 2, 2019

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.

May 2, 2019

Heard they were trying to sell their entire portfolio? Is that true?

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May 2, 2019

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?

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May 2, 2019

Run away!

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May 2, 2019

Ha, dude I just talked to you about this!

May 2, 2019

Figured I would post anyways ha

May 2, 2019

Terrible reputation in NYC, would avoid at all costs.

May 2, 2019

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.

May 6, 2019

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 come from down in the Valley, where Mr. when you're young, they bring you up to do like your daddy done.

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May 2, 2019

I'm much more bullish on Hulk Securities.

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May 2, 2019

They're focused on industrial plays now.

May 4, 2019

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.

May 6, 2019

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.

May 30, 2019

Yesterday's Real Deal:

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.

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May 30, 2019

Foreclosure after foreclosure. What's going on?

May 6, 2019

Anyone think I would be able to transition to a different/better company in the middle market after 2 years?

May 6, 2019

who is their equity?

Most Helpful
May 6, 2019

Mixture of institutional and HNW Sephardic money

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Jun 3, 2019

All the chosenites are levered up to the hilt with Israeli bond money at stupid low interest rates.

May 30, 2019

Shittiest name in finance is really all I have to add since we're all hating here.

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May 30, 2019

*coolest

May 31, 2019

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.

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May 31, 2019

I heard there are major environmental problems at that site.

Jun 2, 2019

looks like they did more than break ground - https://www.popville.com/2019/02/cool-construction...
this thread makes me curious about what's really going on

Jun 3, 2019

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.

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Aug 13, 2019
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