The Real Worldization Of New York City

If you can’t moneymake a waterfront site into a money-making commercial property, try building dorms instead:

Developer Joe Sitt sent shockwaves through a monthly gathering of real estate executives on Tuesday by sharing news that he hoped to convert his waterfront land between the Ikea superstore and the Fairway supermarket into a student housing complex.

“Ask any university, they’re starving for student housing,” Sitt, the CEO of Thor Equities, told the development big wigs at the Real Estate Roundtable at the Brooklyn Historical Society.

“[It could be] quasi-residential student housing if we can tempt a nearby university.”

Location Scout: Revere Sugar Refinery.