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New York

Zar family lands $170M loan for Times Sq. office tower

Zar Group bought 1450 Broadway in 2011

1450 Broadway
1450 Broadway

UPDATED, Feb. 16, 11:58 a.m.: The Zar family refinanced its office tower at 1450 Broadway with a $170 million loan from Goldman Sachs, according to property records filed with the city.

The family’s Zar Group bought the 42-story, 400,200-square-foot Times Square tower for $204 million in 2011. The new loan includes a $67.4 million gap mortgage and replaces a $114 million loan from UBS Real Estate Securities, of which $102.6 million was outstanding.

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The Zar Group, not to be confused with David Zar’s Zar Property NY, is the real estate investment arm of the Zar family, which owns the dress manufacturer Studio One.

Goldman Sachs and Zar did not immediately respond to requests for comment.

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Commercial Real Estate