Zar Property nabs Midtown office building for $83M

Building was formerly owned by Ascot Properties

TRD New York /
Feb.February 15, 2017 08:30 AM

Dario Zar and 250 West 54th Street

Zar Property NY made a rare acquisition Thursday, closing on a Midtown office building for more than $83 million, sources told The Real Deal.

The property, a 13-story building at 250 West 54th Street with 163,000 rentable square feet, was formerly owned by Ascot Properties Company, an investment firm that bought it in 1978. The deal pencils out to approximately $509 per square foot.

Paul Davidson TRData LogoTINY of Newmark Grubb Knight Frank brokered both sides of the transaction. Neither Davidson nor Zar immediately responded to requests for comment.

Ascot Properties could not immediately be reached.

The building is home to Crunch Fitness, which leases close to 25,000 square feet on the lower levels, and a variety of smaller users in the office space upstairs.

Zar, headed by Dario and David Zar, plans to allow the leases to expire upstairs and replace them with tenants taking larger blocks of space, sources said.

The deal adds to Zar’s holdings in Midtown, which also include the JPMorgan Chase building at 349 Fifth Avenue at 34th Street across from the Empire State Building. The company, a long-term holder of its assets, bought that building for just under $20 million in 2009.


Related Articles

arrow_forward_ios
250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

729 Seventh Avenue (Credit: Google Maps)

Lawyer argued façade was safe 3 months before fatal accident

Bill Ackman, LeBron James, and Arnold Schwarzenegger with 787 11th Avenue (Credit: Google Maps and Getty Images)

Celebrity property group caught in $11M construction dispute

Renderings of The William Vale and Denizen Bushwick (Credit: iStock)

All Year’s rating outlook turns negative as bondholders reject two amendments

RXR CEO Scott Rechler and an aerial view of the site (Credit: Getty Images, Google Maps)

RXR plans 21-story LIC office building with manufacturing incentives

arrow_forward_ios
Loading...