The billionaire who wants to build the Middle East a parliament on Israeli soil - interview

Joseph J. Sitt, the chairman and CEO of Thor Equities, a New York-based real estate firm, has spent nearly two decades restoring Jewish graves and ancient synagogues across several Middle Eastern countries including Syria, Algeria, Egypt, Lebanon, and Turkey. This extensive work, spanning multiple nations and centuries, has earned him unique access and relationships with local authorities, setting the stage for his ambitious vision for the future of regional cooperation. Sitt recently proposed transforming the Abraham Accords, a series of diplomatic agreements between Israel and several Arab states, into a tangible institution. He envisions a physical headquarters in Jerusalem, modeled after the European Union's Brussels-based institutions. This idea, which he refers to as the Abraham Organization, represents his belief that the current framework of the Accords must evolve beyond symbolic gestures into a functional body capable of fostering deeper unity among the region’s diverse populations. During an interview conducted via Teams, Sitt emphasized that the new entity would serve as a unifying force, drawing upon the shared heritage of Abraham, the patriarch revered by Jews, Muslims, and Christians alike. He acknowledged the broader religious significance of the figure but insisted that the focus of the organization would remain on bridging divides between Israelis and Arab nations. Born and raised in Brooklyn, near Coney Island, Sitt began his career in the business world by working at flea markets in the parking lots of horse racing tracks such as the Aqueduct and Roosevelt. His early ventures included purchasing properties through tax auctions and developing small commercial spaces. These initial experiences laid the groundwork for his eventual success in real estate and entrepreneurship. In 1986, while still an undergraduate at New York University’s Stern School of Business, Sitt founded Thor Equities. Over time, the company expanded its portfolio to include a range of consumer brands, notably Ashley Stewart, a clothing chain targeting plus-size women, particularly within Black communities often overlooked by mainstream retailers. Thor Equities has since grown into a global enterprise managing approximately $20 billion in assets, with operations in major cities around the world. The firm owns notable properties such as London’s Burlington Arcade and Chicago’s Palmer House Hilton. Its Latin American division, Thor Urbana, operates as one of the leading developers in Mexico. In addition to these ventures, Sitt has contributed significantly to public infrastructure projects, including his role in establishing the Global Gateway Alliance, a nonprofit focused on improving New York’s airport systems. Despite his considerable achievements, Sitt’s motivation for spearheading the initiative to establish a permanent home for the Abraham Accords stems from personal conviction rather than mere ambition. He believes that his background and experiences uniquely position him to lead this effort, though the exact reasons behind his choice remain complex and multifaceted. In Israel and parts of the United States, the Syrian Jewish community, particularly those residing in Brooklyn, is often viewed as a unified group characterized by financial stability and political influence. However, Sitt’s identity within this community is nuanced, reflecting a blend of cultural and historical elements that distinguish him from others in the group.