The Real Deal New York

Ralph and David Sitt lock in Nolita retail for $22.5M: sources

Brothers in contract to buy 8-14 Prince Street store condos

November 26, 2014 04:09PM
By Adam Pincus

Prince-Hakimian

From left: Maje at 10 Prince Street and Helmut Lang at 14 Prince Street (Photos: Racked) and Ivan Hakimian

Brothers Ralph and David Sitt are in contract to buy four Nolita retail condominium units with a total of 4,000 square feet of street-level retail for $22.5 million, The Real Deal has learned.

The brothers’ Sitt Equities signed an agreement to acquire the four units at 8, 10, 12 and 14 Prince Street, at the base of a residential condo building at the corner of Elizabeth Street.

The seller was an entity led by Melvin Lev, who did not return a call seeking comment. A representative at Sitt Equities declined to comment. Ralph and David have also purchased property with their brother Eddie under the name Sitt Asset Management.

Ivan Hakimian, president of investment and brokerage firm HPNY, was an advisor on the deal. He also declined to comment.

The retail condo units have a total of approximately 4,000 square feet on the ground floor, insiders said.

Fashion brand Helmut Lang — which opened earlier this year — occupies the corner space at 14 Prince Street, while Paris-based designer Maje is in 10 Prince Street and Sandro is at 8 Prince Street. Maje and Sandro are both owned by the SMCP Group.

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