Status Capital pays $5.5M for mixed-use in Nolita

Ralph Sitt’s Status Capital through the entity 19 Prince Owners LLC paid $5.5 million to Peter M. Gottlieb through the entity Prince 19 Associates, LLC for the midblock three-unit mixed-use building at 19 Prince Street in Nolita, Manhattan.
The deal closed on January 25, 2021 and was recorded on March 14, 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 $1,359 and the price per buildable square foot is $556 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 signatory for Peter M. Gottlieb was Peter M. Gottlieb. The signatory for Status Capital was Ralph Sitt.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Status Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Peter M. Gottlieb had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development included Peter Gottlieb, head officer and Roberta Gottlieb, officer. The business entities were Geo A Gottlieb & Co.,Inc and Prince 19 Associates Llc.

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

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has not received any significant violations 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 46 percent of the 3.3 million square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 21 percent of the space. In sales, Nolita has had very little sales volume relative to other neighborhoods with $142.9 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 13,511 square feet of commercial and multi-family construction under development in the last two years, which represents 0.41 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 33 of the 263 commercial properties representing 212,405 square feet of the 551,261 square feet. The largest owner is Mark D. Kalimian, followed by Croman Real Estate and then Madison Development. There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 329,859 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 31 percent of the space.

Surrounding

Within a 400-foot radius of 19 Prince Street, Pincusco identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, three were sales above $5 million totaling $22.3 million. The most recent of the three was Amy Kit-Ming Mak which bought the 3,500-square-foot, three-unit mixed-use building (K4) on 5 Prince Street for $5.5 million from Anton Mayer on October 1, 2021.
Of those nine items, six were loans above $5 million totaling $90 million. The most recent of the six was Adam J. Semler which borrowed $6.8 million from Signature Bank secured by the 10,995-square-foot, 23-unit rental (C7) on 240 Mulberry Street on December 1, 2021.

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