Joseph Sitt
| Joseph J. Sitt | |
|---|---|
| Born | 1964 (age 51–52) |
| Residence | Brooklyn |
| Nationality | United States |
| Ethnicity | Jewish |
| Occupation | Real Estate Developer |
| Known for |
Founder of Ashley Stewart Founder and President of Thor Equities |
| Spouse(s) | Betty Dayan |
| Children | Five |
Joseph J. Sitt (born 1964) is an American real estate investor, founder of the retail chain Ashley Stewart, and founder of Thor Equities.
Early life and education
Sitt was born in 1964 near Coney Island, Brooklyn[1] to a Syrian Jewish family.[2][3] Sitt began working at a young age in flea market booths at the Aqueduct and Roosevelt racetrack parking lots in the New York City area. At age 11 Sitt became interested in Real Estate when he became bothered by the lack of retail available when his only choice at the time was to go to Manhattan to get an Atari computer because he couldn't get it in Brooklyn. This eventually lead Sitt to study business at New York University's Stern School of Business where he both received his B.S and in 1986 founded Thor Equities before graduating from business school.[1]
Career
He picked the name Thor for the company name because he was an avid Thor comic book fan and thought it would fit his "concept of being the protector of the cities."[1] His first investment was a property sold at tax auction in the on East Tremont Avenue in the Bronx, a chronically under served retail area, where he built a one-story retail structure with money from "family, friends, roommates, parents of roommates."[1] He proceeded to secure national retailers for his properties Rite Aid Pharmacy, Payless Shoes, and Rainbow Shops.[4] In 1989, partnering with Joseph Chehabar of the family that owned Rainbow Shops, he purchased for $30 million the 161 store Children’s Place retail chain and the 41 store Accessory Place retail chain from the Campeau Corporation.[5][6] As part of the transaction they then sold Accessory Place to Tribeca Corporation.[5]
From Sitt’s early realization of the retail gap that left broad swathes of inner city consumers largely underserved by major retailers, Sitt founded Ashley Stewart (a name inspired by Laura Ashley and Martha Stewart) in 1991 which sold modern and fashionable plus-size clothing to African American women.[1] Each Ashley Stewart store hired from within the community and the company was recognized by President Clinton for its large contribution to the nation’s innovative Welfare to Work program.[7] After acquiring 98 stores for $61.25 million in 1998 from the bankrupt Petrie Retail Inc (founded by Milton Petrie),[8] Ashley Stewart grew to over 380 stores in more than 100 cities which prompted many national retailers to follow suit and helped change the urban retail landscape.[1][7] As part of the transaction with Petrie Retail, Sitt acquired Marianne Stores, a retail outlet specializing in clothing for Latina women.[7] As business boomed, Sitt sold his interest in 2000 to concentrate on urban real estate through his company Thor Equities.[1]
In 2004, Sitt was profiled by Crains in its annual "40 Under 40" article, which reported that he had a 6,000,000-square-foot (560,000 m2) portfolio worth nearly $750 million.[4] In 2010, he started a brokerage business called Thor High Street that will focus on retail leasing.[9]
Personal life
Sitt is married and has four sons and a daughter.[4] He lives in Brooklyn.[4] Sitt is a founding member of the Sephardic Community Alliance.[10]
References
- 1 2 3 4 5 6 7 Inc Magazine: "How I Did It: Joe Sitt, Thor Equities", January 2006
- ↑ The Real Deal: "The Syrian retail touch - An inside look at the Syrian Jewish investors dominating NYC retail — from Sutton to Sitt, including how much revenue they’re pulling in" By Adam Pincus January 01, 2014
- ↑ The Real Deal: "Clans with Plans" by Adam Pincus February 01, 2011
- 1 2 3 4 Crain's New York: "Joseph J. Sitt, 39" 2004
- 1 2 New York Times: "COMPANY NEWS; Children's Place Sold by Campeau" November 10, 1988
- ↑ The Real Deal: "Taking the Fifth: Joe Sitt is buying up Fifth Avenue, but is he overpaying? - Investor Joe Sitt has ramped up his building buys on Fifth Avenue, but is he paying too much?" By Adam Piore January 03, 2012
- 1 2 3 “An Eye for Opportunity”, Stern Business, Spring/Summer 2008
- ↑ Philadelphia Inquirer: "House Of Bargains Is Sold" By Jane M. Von Bergen December 09, 1998
- ↑ Commercial Observer: "Joe Sitt: International Man of Mystery" BY DANIEL GEIGER July 31, 2012
- ↑ The Sephardic Community Alliance: "Building our Future by Preserving the Past" September 2009