Status Capital sells mixed-use in Nolita for $8.5M, bought for $5.5M in Jan. 2022

Ralph Sitt’s Status Capital through the entity 19 Prince Owners LLC sold to Adam Woodward through the entity John Loughlin House LLC the three-unit mixed-use building (S3) at 19 Prince Street in Nolita, Manhattan, for $8.5 million. Sitt bought the property in January 2022 for $5.5 million.
The deal closed on September 14, 2022 and was recorded on September 22, 2022. The property has 4,045 square feet of built space and 5,845 square feet of additional air rights for a total buildable of 9,884 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,101 and the price per buildable square foot is $859 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.)
Sitt bought the property on January 25, 2022, for $5.5 million. The signatory for Status Capital was Ralph Sitt. The signatory for Adam Woodward was Adam Woodward.
The brokers were Bobby Carrozzo, Robert Burton, Michael Gembecki from Cushman & Wakefield, and Jared Minc of Building Equity Management. Traded NY reported on the sale and brokers but did not identify the buyer or seller.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Adam Woodward had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Status Capital purchased one properties in one transaction for a total of $5.5 million and had not sold any properties over the same time period.

The property

The 19 Prince Street parcel has frontage of 21 feet and is 78 feet deep with a total lot size of 1,642 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $3.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The neighborhood

In Nolita, the bulk, or 49 percent of the 3.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 21 percent of the space. In sales, Nolita has had very little sales volume relative to other neighborhoods with $111.7 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 76,039 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 85 commercial properties representing 194,093 square feet of the 379,016 square feet. The largest owner is Mark D. Kalimian, followed by Croman Real Estate and then William Gottlieb Real Estate.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 321,209 square feet of built space are walkup buildings, with elevator buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Status Capital owned at least two commercial properties in New York City with 19,466 square feet and a city-determined market value of $14.3 million. (Market value is typically about 50% of actual value.) The portfolio has $18.5 million in debt, borrowed from Societe Generale. Within the portfolio, the bulk, or 79 percent of the 19,466 square feet of built space are elevator properties, with mixed-use properties next occupying 21 percent of the space. They are all located in Manhattan.

Direct link to Acris document. link