Zar Property NY Buys 119 West 57th Street for $27 million
By Mark Hallum December 2, 2024 1:04 pm
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The 16-story office at building 119 West 57th Street has been sold to Zar Property NY for $27 million, Commercial Observer has learned.
The building was purchased in 1969 by Lester Sparberg under the LLC Musart Realty Corporation. The deed states that the seller is Alice Sparberg Alexiou, author of the book The Flatiron: The New York Landmark and the Incomparable City That Arose With It.
Alexiou is on the deed under the shell corporation Musart Associates LLC, according to a source with knowledge of the deal.
Zar Property NY declined to comment, while Alexiou did not immediately respond to a request.
Zar purchased the building with a $36 million blanket loan from J.P. Morgan Chase that also financed its purchase of 37 East 18th Street, which the company bought in August for $27 million, according to a source and property records.
Some of the tenants at 119 West 57th Street, which is managed by GFP Real Estate, include Compassionate Endodontists New York, Levy Dental Arts and mental health facility The Positive Mind Center.
Mark Hallum can be reached at mhallum@commercialobserver.com.
Clarification: This article originally reported that the 119 West 57th Street deal was an air rights sale. It was for the entire building.
