Betesh Co. pays $16M for building on Broadway in Tribeca

Betesh Co. through the entity 412391 Realty LLC paid $16 million to Lucile H. Jarvis through the entity Petbar Realty Co Inc. for office building at 412 Broadway in Tribeca, Manhattan.
The deal closed on February 17, 2022 and was recorded on February 28, 2022.
The property has 20,475 square feet of built space and 3,004 square feet of additional air rights for a total buildable of 23,475 square feet according to PincusCo analysis of city data. The sale price per built square foot is $781 and the price per buildable square foot is $681 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 Lucile H. Jarvis was Marvin J. Levine. The signatory for Betesh Co. was Marc Cohen.
Prior to this transaction, the buyer Betesh Co. had not purchased any other properties and had not sold any properties over the past 24 months.
The seller Lucile H. Jarvis had not purchased any other properties and had not sold any properties over the same time period.
The 20,475-square-foot property generated revenue of $1 million or $51 per square foot, according to the most recent income and expense figures.

Lucile H. Jarvis previously signed for the property as president of Petbar, in the execution of a 30-year ground lease in 2012 with Joseph Betesh, of the family which owns Dr. Jay’s shoe store.  The lease gave Betesh a purchase option and a right of first refusal. The buyer entity is registered at the same address and floor as Betesh Co. and DrJays.com.

On the tax block, the majority, or 58 percent of the 422,358 square feet of built space are office buildings, with mixed-use buildings next occupying 16 percent of the space.
Within a 400-foot radius of 412 Broadway, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was for major renovation including a certificate of occupancy change. It was a permit issued on December 18, 2020 for the $325,600 renovation of 6,502-square-foot B building with one residential units at 274 Canal Street.
One of those seven items was a sale which Javeri Capital bought the 11,000-square-foot, five-unit mixed-use building (K4) on 35 Howard Street and one other property for $11.2 million from Jergil Mfg. Corp. on July 9, 2021.
Of those seven items, five were loans above $5 million totaling $175.6 million. The most recent of the five was United American Land which borrowed $30 million from Israel Discount Bank secured by the 9,235-square-foot, 13-unit mixed-use building (K4) on 301 Canal Street and one other property on July 15, 2021.

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