Javeri Capital pays $11.2M for two mixed-use buildings in Soho

Javeri Capital through the entity Howard Fee Owner LLC paid $11.2 million to Jergil Mfg. Corp. for four-unit mixed-use building (K4) at 35 Howard Street in Soho, Manhattan and mixed-use building (K4) at 33 Howard Street in Soho, Manhattan.
The deal closed on June 17, 2021 and was recorded on July 9, 2021.
The two properties have 15,900 square feet of built space and 9,100 square feet of additional air rights for a total buildable of 25,000 square feet according to PincusCo analysis of city data. The sale price per built square foot is $704 and the price per buildable square foot is $448 per the PincusCo analysis.
The signatory for Javeri Capital was Atit Javeri. For Jergil Mfg. it was Jeffrey Spitzer.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $331,250.
Atit Javeri is principal of Javeri Capital.
The former owners according to the Department of Housing Preservation and Development includes Jerome Spitzer, head officer and Jeffrey Spitzer, shareholder. The business entity is Jergil Mfg Corp.
Within a 400-foot radius of 35 Howard Street, PincusCo identified 11 commercial real estate items of interests occurred over the past 24 months.
Of those 11 items, five were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1,000,000, two permits with a total initial cost of $3.8 million and two initial temporary certificate of occupancy issuances for projects that initially costed $1.1 million. The most recent of these five items was the permit on December 18, 2020 for a 6,502-square-foot B building with one residential units at 274 Canal Street.
One of those 11 items was a sale which Tokyo Trust Capital bought the 52,065-square-foot, six-unit office building (O6) on 434 Broadway for $98.3 million from Savanna on January 16, 2020.
Of those 11 items, five were loans above $5 million totaling $166.5 million. The most recent of the five was Intercontinental Real Estate which borrowed $28.5 million from Webster Bank, National Association secured by the 30,034-square-foot, five-unit office building (O5) on 32 Howard Street on January 19, 2021.

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