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.

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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.

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.