Zar Property Buys 67K-SF Building Near Union Square for $27M
By Isabelle Durso September 6, 2024 1:59 pm
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Zar Property NY has purchased a 67,051-square-foot office building a block north of Union Square for $27 million, according to city records made public Friday.
The landlord bought the property at 37 East 18th Street from longtime owners, who were listed in city records as entities Ani Eric Cole LLC, Rdmantz LLC and Opimommom LLC. The signatories for the sellers were Norman Sheer, Sari Greenbaum and Steve Kerler.
Zar, which completed the sale through the entity 37-41 East 18th Street Realty Co. LLC, signed the deal that amounted to $403 per built square foot, according to PincusCo, which first reported the news.
The signatory for the buyer was Zar’s Dario Zar. David Zar, a principal of the family-owned firm, did not immediately respond to a request for comment.
The deal closed Aug. 29 and was brokered by BK Real Estate Advisors founder Bob Knakal, who said Zar plans to keep the property commercial.
Zar’s been a player in the city’s office market for a while and received a $70 million loan from Safra National Bank of New York in 2014 to refinance three connected office buildings at 42-50 Greene Street and 90 Grand Street in SoHo, as Commercial Observer previously reported. In May 2022, Zar signed another refi for two of those properties with Safra valued at $100 million, PincusCo reported.
The firm also owns the 56,000-square-foot 64 Wooster Street in SoHo and a mixed-use building at 349 Fifth Avenue, where pizza delivery service Slice leased 8,000 square feet in March 2023.
And in May 2023, five new tenants signed leases at Zar’s 250 West 54th Street, including mobile advertising firm Bidease, psychotherapy clinic Center for Wise Mind Living, Tannenholtz Consulting, NYC Athletic Training and massage therapist Zen Body Mechanics.
Zar was also one of the first landlords in New York City to rent to WeWork, when the coworking company signed a 15-year deal for space at 349 Fifth Avenue in 2010, well before racking up steep losses and filing for bankruptcy in November 2023.
Isabelle Durso can be reached at idurso@commercialobserver.com.
