New York, June 23, 2021 – Joe Sitt, Chairman of leading global real estate firm, Thor Equities Group, spoke on Bloomberg Markets to discuss the recovery of New York City real estate and the city’s mayoral race.
On Bloomberg Americas, Joe Sitt expressed the significance of the 2021 election and his support for mayoral candidate, Eric Adams. Sitt believes New York needs a “great emissary to other cities, companies, and people” to confront the current state of affairs and Eric Adams would be an excellent ambassador to welcome people and businesses back to New York. In summary, he believes “if Adams wins, New York wins” and the administration needs to get to work quickly to address crime, sanitation, and even resuscitating deals with businesses such as Amazon.
In addition to the election, Sitt reiterated his optimism for New York’s real estate scene and opportunities for investors, stating the most inexpensive inflation opportunity is New York City. Though Sitt believes in the city, having recently opened the ModernHaus SoHo hotel, the majority of Thor’s portfolio is comprised of industrial and life science assets across the US and Europe. Thor’s recent transactions include the acquisition of four life science campuses in prominent R&D clusters around the US including New Jersey, North Carolina, and Northern California. The firm also acquired over a dozen industrial assets in Western Europe and closed on the sale of a 2.2 million square foot industrial portfolio in the UK in March. In the US, Thor executed a lease with Amazon for a last-mile warehouse in Brooklyn.
Mr. Sitt’s full interview can be found at: Bloomberg.com.