Bobby Zar’s ZG Capital Partners is in contract for a largely vacant office building at 836 Broadway.
The six-story building just south of Union Square includes 81,000 square feet and sold for $40 million. The property used to house New York University, which has since left the space.
“It’s all on them to build it up,” said Skyline Properties President Robert Khodadadian, who has also been working on office deals in the area. “It shows their belief in the future of the office market.”
The building’s valuation has been steadily rising over the past decade. In 2010, it had a market value of $6.9 million. It’s not clear how much Zar paid for the property.
The building last traded hands in 1986, according to public records. Most recently, it received a landmark designation last year.
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Brett Siegel, Evan Layne and Henry Fox from Newmark are brokers on the deal.
ZG Capital Partners in June acquired a 20,000-square-foot, mixed-use building at 654 Broadway Avenue in Noho for $10 million. In August, the company also arranged for a $215 million commercial mortgage-backed securities loan on an office property at 1450 Broadway.