Oved affiliate buys Tribeca office formerly owned by Ehrlich, Wegweiser families through $34.7M transfer

The entity 53 Beach Street LLC, affiliated with attorneys Terrence Oved and Darren Oved, acquired the office building (O3) at 53 Beach Street in Tribeca, Manhattan, in a transaction valued at $34.7 million. The former owners of the building are Justin Ehrlich and his father Steven, and the family of and Harold and Eric Wegweiser, which owned the property through the entity Wegweiser and Ehrlich LLC. The transaction was an entity level sale, not a deed transfer. The seller entity name, Wegweiser and Ehrlich Holdco LLC, is a variation of the long-time owner entity name. The seller entity was in care of Justin Ehrlich’s Churchill Real Estate.
The Oveds, who lead the law firm Oved & Oved, own at least two other properties on the tax block, 401 Greenwich Street, which they purchased for $10 million in 2011 and which abuts 53 Beach Street at the interior of the block, and a commercial condominium at 7 Hubert Street.
The deal for 53 Beach Street closed on December 18, 2024 and was recorded on March 10, 2025. The property has 37,800 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $919 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 Terrence Oved and Darren Oved was Terrence Oved.

Tribeca Citizen reported in August 2024 on a listing for the property, asking $40 million.

Steven Ehrlich and Harold and Herbert Wegweiser bought the building in June 1985 $1.67 million. The most recent loan was $29 million from Sterling National Bank in July 2017. The building was previously occupied by WeWork, and was impacted by the WeWork bankruptcy filed in New Jersey 23-19865.

In November 2022, Justin and Steven Ehrlich sued the Wegweisers under index number 654472/2022, alleging the defendants improperly accounted for an inter-company loan tied to the entity that owns the building. That case was discontinued in October 2023.

The Oveds, Ehrlichs and Churchill Real Estate did not immediately respond to a request for comment.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Terrence Oved had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Justin Ehrlich had not purchased any other properties and had not sold any properties over the same time period. The 37,800-square-foot property generated revenue of $2.4 million or $64 per square foot, according to the most recent income and expense figures.

The property

The office building in Tribeca has 37,800 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 99 feet deep with a total lot size of 5,027 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Tribeca West Historic District. The city-designated market value for the property in 2022 is $5.9 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 4, 2012. On the lot, there is one active major alteration construction project, 121540733, for a 32,900 square-foot B building. The project was submitted by Harold Wegweiser with plans filed February 22, 2013 and permitted July 23, 2015.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.4 times the average sales volume among other neighborhoods with $372.9 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, Tribeca has 2.2 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 2.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 16 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 30,000 square feet of the 69,868 square feet. The identified owner is Justin Ehrlich.
On the tax block, there was one new building construction project filed totaling 56,682 square feet. It is a one-unit, 56,682 square-foot residential (R-3) building submitted by Joseph Abadi with plans filed September 17, 2019 and it has not been permitted yet.

The majority, or 43 percent of the 69,868 square feet of built space are specialty buildings, with office buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Justin Ehrlich owned at least one commercial property in New York City with 30,000 square feet and a city-determined market value of $5.9 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single specialty property. It is located in Manhattan.

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