Joe Sitt and Melissa Gliatta

Thor Equities seemed to be doing it all in 2025 — retail, industrial, data centers, you name it — and with ambition.

In New York City, Thor was part of the partnership led by Jeff Sutton’s Wharton Properties that sold the full-building Nike flagship retail store at 529 Broadway to home furnishings giant Ikea. Down in Georgia, the firm secured a $71.7 million refinancing loan for Gordon Logistics Center, a Class A manufacturing facility in Adairsville. Plus, Thor acquired a 221-acre development site in Van Wert County, Ohio, for a $1 billion data center project. And, in Florida, the investor bought three prime land sites in Miami’s coveted Wynwood district for a combined $30.3 million.

“The type of assets that we’re looking at are assets that we have a proven track record of success in,” said Melissa Gliatta, chief operating officer at Thor. “We’re not passive investors. We’re very hands-on operators.”

That kind of hands-on work translates even into the projects that don’t work out — like a proposal to build a $3 billion casino in Brooklyn’s Coney Island.

One can muse on what might have been. The Coney — a proposal Thor worked on alongside Saratoga Casino Holdings, the Chickasaw Nation and Legends — would have included a 500-room hotel, a 2,500-seat concert venue, 70,000 square feet of retail and 90,000 square feet of meeting and event space. The partnership aimed to win one of three downstate casino permits from the New York State Gaming Commission, which were ultimately awarded elsewhere.

“We felt very confident that we had not only the best partners, but the best proposal,” said Gliatta, who leads Thor alongside Joe Sitt. “But you win some, you lose some, and we move forward at Thor. But it was a big part of what we worked on in 2025.”

Despite the gambling loss, Thor continued striking deals. The development and management firm recently purchased 1165 Broadway, a 58,000-square-foot office and retail building in Manhattan’s NoMad neighborhood, from Michael Haddad for $56 million.

“We really believe in New York City, and we’re looking at opportunities to acquire more in the city,” Gliatta said. “For the first time in a long time, we are looking back again at retail, mixed-use properties and at some office. We find these asset classes appealing to us in New York City.”