Zar scoops up Soho retail condo
By Al Barbarino
Zar Properties has purchased a 35,000 s/f retail condo building in SoHo at 105-113 Wooster Street in an off-market deal for nearly $39 million.
The big box space features 100 feet of frontage and is sprawled across four full floors.
“This asset features prime frontage and visibility as well as long-term potential,ˮ said Dario Zar, principal and managing member at Zar Properties. “SoHo continues to attract national and international brands seeking flagship opportunities.ˮ
Current retail tenant Room & Board has roughly seven years remaining on its lease, Zar said. The transaction also includes three upper floor residential loft apartments also sold by the New Mexico-based sponsor.
A majority of SoHo buildings with ground floor space are zoned for manufacturing use, making some high-end retailers hesitant to enter the market, but Apple, Bloomingdales and Topshop are comparable retail spaces in prime SoHo, according to brokers familiar with the area.
The property also lies across the street from Tiffany’s new flagship, which sold for over $260 psf in rent, sources said.
Zar Properties also owns the former JPMorgan Chase building at 349 Fifth Avenue, on the corner of 34th street, and the company recently acquired 64-68 Wooster Street, just a block south of their latest acquisition.
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