Zar Properties Buys NoHo’s 31-35 Great Jones Street for $21M

Zar Properties has bought two NoHo mixed-use buildings at 31-35 Great Jones Street for $21 million, Commercial Observer has learned.

The nearly identical adjacent buildings between Lafayette Street and the Bowery have been owned by the Scott family of Great Jones St. Realty for the last five decades, at least. The family is selling at a time when office, retail and residential have become more competitive in the area.

Albert Sultan and Joseph Kassin of Kassin Sabbagh Realty, known simply as KSR, represented the seller in the transaction.

The two commercial properties — one seven-story property and an adjacent three-story, late-19th-century building — were only on the market for about two months with competing offers until the sellers settled on a cash offer from Zar, according to Sultan.

“With all the AI and tech tenants that are propping up the market in terms of leasing, the companies want to be centered around Downtown and live-work-play submarkets like SoHo and NoHo,” Sultan told CO. “I think that is a testament to why this building had as much interest; we had three or four buyers all competing for this.”

But Zar did not waste any time, closing the deal within 30 days. Current tenants at the NoHo properties include art gallery Aicon Contemporary.

Just across the street at 375 Lafayette Street, Minskoff Equities and Edison Properties are constructing two 99-unit multifamily properties where a parking lot currently sits.

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