Thor Equities is expanding into residential acquisition and development, company CEO Joseph J. Sitt announced today (Wednesday).
“This is an exciting development in the history of Thor Equities,” CEO Joseph J. Sitt said. “Residential real estate is booming in many American cities, presenting Thor with a one-of-a-kind opportunity to enter this expanding market. Utilizing the same strategy that we have successfully implemented in the commercial sector, this new sector will help round out our portfolio and present additional opportunities in the marketplace.”
Alan Klein and Jonathan Fishman, formerly of the New York City private equity residential real estate company Stonehenge Partners, will partner with Mr. Sitt on the new venture.
“Alan and Jonathan are in position to make an immediate impact for our business and we are excited to bring their expertise to Thor,” Sitt added.
Klein, who has 15 years of real estate experience, served most recently as director of acquisitions at Stonehenge Partners. In his 12 years with the firm, he closed on 38 transactions with a value of approximately $1.5 billion.
Among the notable transactions were 315 West 33rd Street, 10 Downing Street and 555 Sixth Avenue.
“Thor’s reputation for maximizing the value of commercial real estate properties is unparalleled – we’re focused on achieving the same success in the residential space,” Klein said.
Fishman, with 12 years of real estate experience, most recently served as director of business development at Stonehenge Partners, where he has worked since 2004. While in that position, he was involved in all aspects of the company’s business including the investment and asset management process as well as direct involvement in the company’s operations, property management and leasing activities.
Additionally, Fishman spearheaded the company’s digital and branding projects, which played a vital role in growing the firm’s business and profile in the New York City marketplace.
“Thor has achieved tremendous success in commercial real estate development and I am excited to be at the forefront of their expansion into the residential market,” Fishman said. “The ability to work with a leader in the real estate industry like Mr. Sitt is a tremendous opportunity.
Both Klein and Fishman received their Masters in Real Estate Finance from New York University.
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