Joseph Sitt
| Joseph J. Sitt | |
|---|---|
| Born | 1964 (age 50–51) |
| 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 Rite Aid Pharmacy and Payless Shoes after convincing them of the value of this location.[4]
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.[5] Ashley Stewart quickly 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][5] Sitt was also partial owner and managed the Children’s Place kids clothing chain, as well as Marianne Stores, a retail outlet specializing in clothing for Latina women.[5] 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]
Personal life
Sitt is married and has four sons and a daughter. He lives in Brooklyn. Sitt is a founding member of the The Sephardic Community Alliance.[6]
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 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
- ↑ 4.0 4.1 Crain's New York: "Joseph J. Sitt, 39" 2004
- ↑ 5.0 5.1 5.2 “An Eye for Opportunity”, Stern Business, Spring/Summer 2008
- ↑ The Sephardic Community Alliance: "Building our Future by Preserving the Past" September 2009