Zar Property nabs Midtown office building for $83M

Building was formerly owned by Ascot Properties

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

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
From left: Colony Hills’ Glenn Hanson and Rosewood’s Jonathan Brody with The Royce at Trumbull (Getty, Royce at Trumbull, LinkedIn, Rosewood)
Investors sell Trumbull apartments for 23% markup from last year
Investors sell Trumbull apartments for 23% markup from last year
Street Partnership's Dan Biederman with Herald Square
“We’re not alarmed:” Herald Square retail in reverse
“We’re not alarmed:” Herald Square retail in reverse
Mayor Eric Adams and 700 Eighth Avenue (Google Maps, LoopNet)
Midtown’s Row hotel to house up to 600 migrant families
Midtown’s Row hotel to house up to 600 migrant families
Hoboken City Council's Michael Russo with 308 Willow Avenue (Google Maps, Hoboken, Getty)
Hoboken hospital eyed for eminent domain
Hoboken hospital eyed for eminent domain
From left: Jean-Georges Vongerichten and L&L Holding Company chairman David Levinson in 425 Park Avenue (Getty Images, L&L Holding Company, 425ParkAve.com)
L&L’s 425 Park Ave cooking up Jean-Georges restaurant
L&L’s 425 Park Ave cooking up Jean-Georges restaurant
Arlington Village at 3100-3124 Atlantic Avenue in East New York, Brooklyn (Google Maps, Getty)
Developing in downtrodden areas gets dicey
Developing in downtrodden areas gets dicey
Larry Silverstein with 120 Broadway
Housing agency nabs two floors at Silverstein’s 120 Broadway
Housing agency nabs two floors at Silverstein’s 120 Broadway
From left: Adam Neumann and Marc Andreessen (Getty Images)
Adam Neumann raises $350M from a16Z for multifamily venture
Adam Neumann raises $350M from a16Z for multifamily venture
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...