Ralph Sitt’s Status Capital borrows $19M from Societe Generale for property in Soho

Ralph Sitt’s Status Capital through the entity 145 Spring Street Partners LLC as borrower signed a loan agreement with lender Societe Generale valued at $18.5 million for 1 parcel, including the tax class multifamily, artists in residence (D2) and containing 6 residential units at 145 Spring Street in Soho. The deal closed on September 18, 2019 and was recorded on October 17, 2019.
The property contains a total of 15,421 square feet of built space.
The average loan per buildable square foot is $1,200.
The debt held by the prior owners — a tenant-in-common venture owned by the Safra family’s JSRE Real Estate and members of the Sitt family including Ralph — had been as high as $21.075 million, held by Banque J. Safra Sarasin. The Safra and the Sitt families sold the building on May 21, 2019, for $27.36 million, to Ralph Sitt’s Status.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $124,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link