NEW YORK CITY-Finding a new way to capitalize on real estate's record-breaking returns, Thor Equities has expanded into residential acquisition and development. To oversee the effort, Thor has hired Alan Klein and Jonathan Fishman—formerly director of acquisitions and director of business development, respectively—at private equity firm Stonehenge Partners to partner with Thor CEO Joseph Sitt. They both become EVPs at Thor.
“Residential real estate is booming in many American cities, presenting Thor with a one-of-a-kind opportunity to enter this expanding market,” says Sitt. “Utilizing the same strategy we implemented in the commercial sector, this new sector will help round out our portfolio and present additional opportunities in the marketplace.”
Klein, who has 15 years of real estate experience, closed on 38 transactions with a value of approximately $1.5 billion during his 12 years with Stonehenge. 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,” he says.
Fishman brings 12 years of real estate experience to the table, and has been at Stonehenge since 2004. While leading business development there 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. “I am excited to be at the forefront of Thor's expansion into the residential market,” he says. “The ability to work with a leader in the real estate industry like [Joseph] Sitt is a tremendous opportunity.”
Adds Sitt, “Alan and Jonathan are in position to make an immediate impact for our business and we are excited to bring their expertise to Thor.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
