Zar Property took out a $37 million loan from TD Bank to refinance its residential, office and retail property at 64-68 Wooster Street in Soho, city records show.
The floating-rate loan carries a term of three years and six months, confirmed TD Bank Senior Vice President Howard Hsu, who led the transaction on behalf the lender.
2013 NYC Halloween Parade
Glasgow Caledonian University, one of the largest universities in Scotland, opened its first New York City campus at 64-68 Wooster Street in Soho yesterday, Commercial Observer has learned, to coincide with Scotland Week.
As Commercial Observer reported last October, the school signed a 15-year, 13,500-square-foot lease for the entire ground floor and lower level. The school has been doing construction ever since, landlord Zar Properties’ David Zar said.
2013 Owners Magazine
Following a harrowing but successful effort by organizers to raise $50,000 to save the 2013 NYC Halloween Parade, the horrific procession will go on as planned tonight in Greenwich Village.
The 40th anniversary of the storied parade will attract an assortment of ghouls, ghosts and goblins, along with a welcome swarm of freakishly – if Read More
On the Market
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
Zar Property NY is marketing a prime 10,500-square-foot Soho basement space underneath 42-44 and 46-50 Greene Street as a retail space without retail rents.
At $67 per square foot, the price tag rings in at a fraction of what some retail space on the block commands, in some cases at upwards of several hundred dollars Read More
Every once in a while a developer makes a proposal that seems too good to be true; but running a profitable business in times of prosperity can feel that way.
Apartment rental community behemoth AvalonBay Communities wants to clean up 240 East Shore Road in Great Neck, New York at “no cost to taxpayers” so it can Read More
Clothing store Gudrun Sjödén will open its first United States location on Friday at 50 Greene Street in south SoHo after the women’s apparel store signed a 10-year, 3,600-square-foot lease with landlord Zar Property NY.
The lease, along with a string of others to hit within a two block radius, indicates that prime SoHo’s apparel retail explosion may be pushing outward, as the types of retailers typical along Prince and Spring streets pop up further south.
“It’s an interesting trend,” said Dario Zar of Zar Property NY, the landlord at the property. “Our retail vacancies in the past were primarily targeted towards furniture and home retailers, but it’s definitely shifting towards apparel now.”
On the Market
Thursday’s Real Estate Board of New York gala packed an estimated 2,400 guests into the Hilton New York’s overstuffed Grand Ballroom—an increase from last year by about 200. The Commercial Observer walked the room, hobnobbed with brokers and landlords and taste-tested a dinner of steak and potatoes while washing it all down with a few stiff drinks. Staff Reporters Karsten Strauss and Al Barbarino get the inside dish.
A 15,000-square-foot mixed-use building at 647 Bryant Avenue in the Bronx – located roughly half a mile from The BankNote building in one direction and the same distance from the Hunts Point Terminal Market in the other direction – is on the market for $1.5 million.
The property features an 8,500-square-foot ground floor commercial space with 75 feet of frontage, currently occupied by job placement and training non-profit FEDCAP, and a second floor featuring three market rate apartments that could be converted to office or additional commercial space.
Furniture designer Herman Miller signed a 3-month lease to take a 13,500-square-foot pop-up store at 64-68 Wooster Street, a Soho building owned by Zar Property NY.
Stranger & Stranger, a liquor branding and packaging design company based in London, has taken the penthouse space at 42 Greene Street as its new SoHo office, The Commercial Observer has learned.
If Don Draper still ran an advertising agency, he’d have a very different Manhattan life. Instead of a dozen martinis and oysters at Grand Central every night after work, it’d probably be a quick Peroni and antipasti at Eataly before hitting the gym.
He might even be home early enough to kiss Betty and read a book to his kids. And, of course, he’d work in a fabulous open-plan office in Manhattan’s most desired commercial real estate market, Midtown South.