City Storage affiliate signs $6M loan with Goldman Sachs for office building in Chinatown

An affiliate of Travis Kalanick’s City Storage Systems through the entity 15 Catherine Street NYC LLC as borrower signed an acquisition loan with lender Goldman Sachs Bank valued at $6 million for the development site at 15 Catherine Street in Chinatown, Manhattan.
The deal closed on October 21, 2021 and was recorded on December 3, 2021.
The property has 20,723 square feet of built space according to PincusCo analysis of city data. The loan price per built square foot is $290 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The City Storage affiliate bought the property on May 6, 2021, for $5.2 million.
The signatory for City Storage Systems was David Head.
(121234805) Plans for a 19,412 square-foot B were filed on May 31, 2013 and were permitted on May 8, 2015. A newer permit application from 2021 indicates the construction will be demolished to the foundation.
The company 15 Catherine Street NYC LLC has two corporate filings, one of which is at the address of Travis Kalanick’s City Storage Systems in California. It uses the same lender and borrower affiliates as other City Storage properties in New York City. The DOB individual identified as “owner” is Simone Sam Sarcona, whose LinkedIn profile says he started working for Macklowe Properties in 2012. The signatory for the purchase of the property in May was Matthew Phillips, who is now with Monroe Capital but was previously with City Storage Systems, according to his company bio.

Within a 400-foot radius of 15 Catherine Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
One of those six items was a sale which Conway Capital bought the 8,875-square-foot, 16-unit rental (C7) on 21 Catherine Street and one other property for $14.0 million from R.A. Cohen & Associates on March 30, 2020.
Of those six items, five were loans above $5 million totaling $49.9 million. The most recent of the five was Yi K. Lam which borrowed $8.0 million from Cathay Bank secured by the 21,302-square-foot, 33-unit office building (O5) on 39 East Broadway on July 27, 2021.

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