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

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

TRD New York /
Nov.November 26, 2014 04:09 PM

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.


Related Articles

arrow_forward_ios
Taconic, Clarion buy pair of Bronx apartment buildings for $28M

Taconic, Clarion buy pair of Bronx apartment buildings for $28M

Taconic, Clarion buy pair of Bronx apartment buildings for $28M
GreenOak gets $21M in sale of mixed-use Soho building

GreenOak gets $21M in sale of mixed-use Soho building

GreenOak gets $21M in sale of mixed-use Soho building
Alchemy, Carlyle buy UWS building with plans for condos

Alchemy, Carlyle buy UWS building with plans for condos

Alchemy, Carlyle buy UWS building with plans for condos
Hidrock buys trio of West Chelsea walk-ups for $35M

Hidrock buys trio of West Chelsea walk-ups for $35M

Hidrock buys trio of West Chelsea walk-ups for $35M
Tawil’s Centurion buys Tribeca retail condo for $30M

Tawil’s Centurion buys Tribeca retail condo for $30M

Tawil’s Centurion buys Tribeca retail condo for $30M
Gorjian brothers grab Hell’s Kitchen rentals for $26M

Gorjian brothers grab Hell’s Kitchen rentals for $26M

Gorjian brothers grab Hell’s Kitchen rentals for $26M
Acuity Capital buys Hamilton Heights building for $33M

Acuity Capital buys Hamilton Heights building for $33M

Acuity Capital buys Hamilton Heights building for $33M
Property Markets Group, Harry Jeremias buy Chelsea building for $40M

Property Markets Group, Harry Jeremias buy Chelsea building for $40M

Property Markets Group, Harry Jeremias buy Chelsea building for $40M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...