Dr. Jay’s owner sells One Beacon Court pad for $5.5M

TRD New York /
Oct.October 25, 2013 09:55 AM

Joseph Betesh, real estate investor and hip-hop fashion mogul, has unloaded his Midtown East condominium for $5.5 million, city property records show. 

Betesh, who heads Milestone Equities and co-owns the Dr. Jay’s clothing brand, bought the One Beacon Court pad  in 2005 for $3 million. The two-bedroom, two-and-a-half-bath apartment is on the 39th floor of the 53-story tower, at 151 East 58th Street and Lexington Avenue

The One Beacon Court buyer was London-based VFT Investments LLC, records show. Neither the buyer nor Betesh could be reached for comment.

Betesh is a mix of old school and new school. He is heavily involved in both Milestone Equities and the San Diego-based Dr. Jay’s, founded in 1975. The apparel giant’s outposts in the city include 17 West 34th Street in Midtown, 16333 Jamaica Avenue in Queens and 895 Flatbush Avenue in Brooklyn.

On the property side, Betesh has been quite active this year. In June, he purchased a portfolio of 11 mixed-use properties on the Bowery for $62 million, as previously reported. The buildings, about 143,200 square in total, are between Canal and Houston streets, with ground-floor retail tenants including Pulino’s Bar & Pizzeria and several Chinese bodegas.

Betesh also owned a condo at the illustrious 15 Central Park West, where he made a sizable profit. He paid $5.7 million for a two-bedroom in 2008 and then washed his hands of it for $11.4 million two years later. To help with the sale, he enlisted veteran broker Joanna Cutler of Joanna Cutler Real Estate. He reunited with Cutler for the One Beacon Court listing; she could not be reached for comment.

Hedge fund founder Steven Cohen listed his duplex penthouse at One Beacon Court in April for $115 million, as The Real Deal reported. Other well-known residents have included Beyoncé, Brian Williams and former Los Angeles Angels outfielder Bobby Abreu. Vornado Realty Trust is the tower’s developer, and Cesar Pelli & Associates designed it.

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