Thor Equities selected by city for Brooklyn project.

New York City Economic Development Corporation (EDC) president Andrew M. Alper announced that Thor Equities LLC has been designated to upgrade the approximately 50,000-SF, city-owned parcel of land and parking garage on Livingston and Bond Streets with 18,000 SF of quality retail in Downtown Brooklyn.

The existing parking site is located at 39 - 41 Bond St. between Livingston and Schermerhorn Streets. The garage, built in 1974, consists of 4.5 levels and has a 606-space capacity including rooftop parking. Thor Equities plans to upgrade the garage to include additional lighting for safety and security, and refurbish and replace the existing elevator. Thor Equities will work to attract a mix of local and national retailers. The project is expected to create 50 permanent and 15 construction jobs.

Thor Equities, a privately owned New York-based real estate acquisition and development company, owns over two million SF of retail arid office property in urban markets across the country. Chairman and CEO Joseph J. Sitt is founder of Ashley Stewart Ltd., an upscale ladies apparel chain serving the urban market. Company assets include the Gallery at Fulton Street in Downtown Brooklyn, as well as properties on Pitkin Avenue and Montague Street in Brooklyn, 125th Street and Fifth Avenue in Manhattan, and East Tremont Avenue in the Bronx.