Joe Sitt's Thor Equities Strikes Wynwood Gold with Discounted Purchase of Two Development Sites
Thor Equities, led by Joe Sitt, scores a major deal in Wynwood by purchasing two development sites at a bargain price of $30.2 million, a significant discount from the previous sale price of $62 million two years ago.
New York-based Thor Equities, headed by real estate mogul Joe Sitt, has made a strategic move in the booming neighborhood of Wynwood by acquiring two development sites at a significantly discounted price of $30.2 million. This deal is a major win for Thor Equities, as the seller had previously paid a combined $62 million for the properties just two years ago. According to records and real estate database Vizzda, a Thor affiliate purchased a retail building at 187 Northwest 28th Street and five vacant lots at 166, 172, and 179 Northwest 29th Street; 2825 Northwest Second Avenue; and 169 Northwest 28th Street, totaling 1.1 acres in the neighborhood. The seller, a Delaware-based entity, remains unidentified. This move by Thor Equities is a testament to the company's shrewd business acumen and ability to strike a bargain in a highly competitive market. It also highlights the current state of the real estate market in Wynwood, where prices have significantly dropped since the seller's purchase in 2023. While the seller's identity remains a mystery, it is clear that they were not able to capitalize on their investment in Wynwood, unlike Thor Equities. With this purchase, Thor Equities has secured a prime location in one of Miami's most sought-after neighborhoods, further solidifying their presence in the city. Originally reported by The Real Deal.