Zar Property NY Buys 118 West 22nd Street for $28M

A GFP Real Estate-managed mixed-use building in Manhattan’s Flatiron District has changed hands.

GFP manages the 12-story property at 118 West 22nd Street for owner Adlie Associates, which sold the building to Zar Property NY for $28 million, with a $19.6 million financing package from Filler Capital, according to property records made public Wednesday.

Adlie appears to have acquired the property in 1986 for an unknown amount, the earliest deed filings indicate.

Zar and GFP, which does not own a stake in the building, declined to comment.

Isaac Filler of Filler Capital took to LinkedIn to comment on the deal, describing the financing deal as a “meaningful” milestone in his relationship with Zar Property’s Simon Zar, marking an 18-year business relationship that started with lunch at a real estate conference in 2008.

“By pairing a best-in-class sponsor with the right lending partner, we were able to secure exceptional financing terms from J.P. Morgan,” Filler said in a statement.

Notable tenants in the building include Walter B. Melvin Architects and Kleinfeld Bridal Boutique. NY Cake operates out of the ground-floor retail space, where it signed a 10,500-square-foot lease in April 2018, Commercial Observer reported at the time.

The 100,000-square-foot building on 22nd Street between Seventh Avenue and Avenue of the Americas was built in 1911 with designs by architect Frederick Zobel, who designed a number of structures now protected by the New York City Landmarks Preservation Commission, such as 35 West 39th Street.

Mark Hallum can be reached at mhallum@commercialobserver.com.