Terrence Oved, Darren Oved obtain $25.8M loan for newly acquired office building in Tribeca

Attorneys Terrence Oved and Darren Oved through the entity Wegweiser And Ehrlich, LLC as borrower signed an acquisition loan with lender Webster Bank valued at $25.8 million for the office building (O3) at 53 Beach Street in Tribeca, Manhattan.
The deal closed on December 18, 2024 and was recorded on March 25, 2025. The prior lender was Webster Bank which held debt that had an original loan amount of $29 million.

The property has 37,800 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $683 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. The signatory for Webster Bank was Brian Malone. The Oveds are the founders of the firm Oved & Oved LLP.

PincusCo exclusively reported the Oveds purchased the building, and own an adjacent property at 401 Greenwich and a commercial condo unit at 7 Hubert Street. In this loan document, Terrence Oved, Darren Oved and Oved & Oved are the guarantors.

Prior sales and revenue

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 1.5 times the average sales volume among other neighborhoods with $407.6 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 Darren Oved.
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 borrower

The PincusCo database currently indicates that Terrence Oved 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.
The PincusCo database currently indicates that Darren Oved 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.

Direct link to Acris document. link