Javeri Capital pays $29M to BentallGreenOak for mixed-use rental in SoHo

Javeri Capital through the entity 91 Crosby Acq LP paid $29 million to BentallGreenOak through the entity Go 91 Crosby Owner LLC for the eight-unit residential elevator building (D7) at 91 Crosby Street in SoHo, Manhattan.
The deal closed on December 22, 2023 and was recorded on January 12, 2024. The property has 19,578 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,481 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 seller bought the property on December 19, 2014, for $25 million. The signatory for BentallGreenOak was Chris Niehaus. The signatory for Javeri Capital was Atit Javeri. The contract date was November 22, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Javeri Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller BentallGreenOak purchased one property in one transaction for a total of $20.4 million and sold four properties in one transaction for a total of $142.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Atit Javeri, head officer and Nick Sabatino, site manager. The business entity is Go 91 Crosby Owner, Llc.

The property

The residential elevator building with 8 residential units in SoHo has 19,578 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 126 feet deep with a total lot size of 3,079 square feet. The lot is irregular. The zoning is M1-5/R7D which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 4.2 times FAR for residential with inclusionary housing. The property is in the SoHo-Cast Iron Historic District Extension. The city-designated market value for the property in 2022 is $11.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $75 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 16, 2018. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of six of the 15 commercial properties representing 166,727 square feet of the 268,509 square feet. The largest owner is United American Land, followed by Sol Goldman Investments and then JTRE Holdings.
There are no active new building construction projects on this tax block.

The majority, or 48 percent of the 268,509 square feet of built space are office buildings, with hotel buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that BentallGreenOak owned at least eight commercial properties with 858 residential units in New York City with 2,260,545 square feet and a city-determined market value of $761.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 2,260,545 square feet of built space are office properties, with elevator properties next occupying 40 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.

The buyer

The PincusCo database currently indicates that Javeri Capital owned at least two commercial properties with 11 residential units in New York City with 30,578 square feet and a city-determined market value of $12.4 million. (Market value is typically about 50% of actual value.) The portfolio has $9.6 million in debt, borrowed from Maxim Credit Group. Within the portfolio, the bulk, or 64 percent of the 30,578 square feet of built space are elevator properties, with mixed-use properties next occupying 36 percent of the space. They are all located in Manhattan.

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