Zar Property NY Picks Up Mercer Street Retail Unit Condo for $9.3M

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Zar Property NY has purchased a 7,500-square-foot retail condominium on Mercer Street at the base of a six-story office building in Soho for $9.3 million.

The seller of the unit at 47-49 Mercer Street between Grand and Broome Streets, a couple from Canada that purchased the unit in 1997, sold it to Zar on July 10 in an off-market transaction, a source with knowledge of the deal and property records, made public yesterday, indicate.

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The unit—with 3,500 square feet on the ground floor and 4,000 square feet on the lower level—is leased entirely to high-end handmade natural European mattress maker Coco-Mat, which moved into the space five years ago. According to CoStar Group, the deal was signed in December 2011 and expires in January 2022, with an effective rent of $79.65 per square foot.

David Zar, a principal at Zar Property NY, was not available for comment.