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The Ability to Execute NewYorkNewYork The Ability to Execute An Interview with Joseph J. Sitt, Founder and Chief Executive Offi cer, Thor Equities, LLC EDITORS’ NOTE Joseph Sitt is also Chelsea, Flatiron – have more than ex- How has your vision changed for Thor Chairman and Managing Principal ceeded the last peak, while the tradi- and how has the company evolved? of Thor Urban Property Funds. He also tional areas like Midtown East have Our vision was to be a good business with oversees Thor High Street Advisors not yet fully recovered. a great team of executives. More important than and TOWN Residential. After devel- Do you anticipate a similar re- anything is people-people-people. oping a strong interest in retail at an covery in other U.S. markets? The second thing we set out to do was early age, Sitt founded Ashley Stewart Many of the markets in the balance focus on the highest quality properties in the (part of Urban Brands) in 1991. of the U.S. rely heavily on industry and global sphere. Neither of these focuses have In 1998, he divested his interest in general business conditions. We’re see- changed in terms of our original vision, but what the company and focused on Thor ing a lack of employment in many indus- has evolved is our ability to execute, particularly Equities. Sitt is a frequent speaker tries, so there has been and remains a on a global scale. at industry conferences and vari- reduced demand for real estate. Are you focused on fi nding the next ous universities including Columbia Joseph J. Sitt Depending on the particular part big idea or do you enjoy running the day- University, New York University, and of the U.S., there may or may not be to-day business as well? Notre Dame and is an active board member of strength. But overall, I’m bullish about the U.S. Among good business executives, there the Bedford Stuyvesant Restoration Corporation. It’s exciting with the new technologies in shale are generally dreamers and executors. The trick He also serves on the board of The Real Estate and fracking that now allow us to extract energy is to be a dreamer and to execute the dream. Roundtable in Washington D.C. and the Department at a reasonable cost. So we try to be a balance of both in our of Real Estate at Baruch College, and is a member This is not just to benefi t our country in business. We try to be cognitive of what is new of the Partnership for New York City. He is a grad- terms of energy jobs and energy exports but it’s globally but we also institute disciplines and uate of New York University. about creating great opportunity for all types of in- good systems to make sure we can manage and dustries, like manufacturing. So many businesses grow our business in a controlled fashion. COMPANY BRIEF Thor Equities (www.thor rely heavily on cheap energy costs. Industries Is the true impact of real estate in New equities.com) is a multifaceted international like steel and chemical watched many factories York well understood? real estate development company that special- go dormant. Now they’re reopening and reignit- Real estate success in New York is a result izes in value-added investments in shopping ing these factories as a result of the potential of the successes of all industries. If the technol- centers and mixed-use urban developments in that this new lower-cost energy source brings ogy industry is good, real estate in the markets the United States, Europe, and Latin America. to operators, manufacturers, and exporters of that support that technology will succeed; tour- Today, the fi rm has an international retail, of- those products. ism is good for hotels; and when Wall Street fi ce, hotel, and residential portfolio valued at Also, in terms of technology, the U.S. is much comes back fully, it will be great for lower more than $5 billion and totaling more than 15 more creative than some of the other countries. Manhattan offi ce space. million square feet, and is a leader in urban real Further, the fact that labor prices have gone up New York real estate is an important part of estate development, leasing, and management. so much in countries like China makes the the big picture of New York City and it’s an aspect Notable developments under Thor’s umbrella in- U.S. even more competitive. that is important to every stakeholder it touches. clude the award-winning restoration and rede- Have emerging markets slowed down? How critical is it that the public/private velopment of the historic Palmer House A Hilton This is a recent phenomenon and I don’t partnership in New York City remains strong Hotel in Chicago, London’s oldest and most his- perceive it as a long-term issue. I’m still excited and that the business community remains toric indoor shopping bazaar the Burlington about the next emerging markets. For the short engaged in addressing the city’s needs? Arcade, and the recently acquired Takashimaya term, the BRIC markets are going through a This is why we started the public/private building in the heart of Fifth Avenue. heavy-duty bump in the road. Brazil is suffering partnership Global Gateway Alliance. Our goal greatly, as they were counting on the demand is to improve our airports and tourism in New Has the U.S. economy fully recovered and from China. York and to ensure we’re a more competitive how is the real estate market faring today? We have seen a ripple effect from export- city not only by cutting back on wait times and Most of the sectors have fully recovered. ers from the more developed countries like delays but by improving what we represent as Throughout the TOWN Residential division, we Australia all the way down to the exporters of a city from a tourist perspective. see tremendous demand from tenants for luxury commodities in the emerging world, like Brazil. Amsterdam, Paris, and Frankfurt all up- residential; in terms of the retail side of our in- Businesses that overleveraged themselves and graded their airports and put in more runways; vestment world, we’re exceeding the last market were built on hot air are having great diffi culties. Abu Dhabi spent $15 billion to build their new peak; and in terms of hotel occupancy rates, Markets where much of the success is based airport system; and there is debate going on in in New York, we have seen levels exceeding the on local consumers or where there is a solid England about spending $80 billion. last market peak. manufacturing base like Mexico, Colombia, and Remaining an economically viable The offi ce sector has had some softness, but Panama are still performing well. But commodity city means that New York will have to up- that varies based on the specifi cs of the market- driven markets – Peru, Chile, Brazil, Australia – grade their airports so that is our fi rst area of place. The more creative parts – Meatpacking, are feeling the pain of the slowdown. consideration.• 156 LEADERS POSTED WITH PERMISSION. COPYRIGHT © 2013 LEADERS MAGAZINE, INC. VOLUME 36, NUMBER 4.
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