Zar Property NY has acquired two mixed-use buildings at 31-35 Great Jones Street in New York's NoHo district for US$21 million. The acquisition was announced by Commercial Observer. These almost identical neighbouring buildings, located between Lafayette Street and Bowery, had been owned by the Scott family of Great Jones St. Realty for at least five decades.
The sale by the Scott family comes at a time when competitive intensity for office, retail, and residential space in the area has increased. Dario Zar commented on the acquisition in a statement: 'Great Jones Street is a special block with a character and prestige hard to find elsewhere. This acquisition aligns closely with our recent purchases and meets the essential criteria we look for in a property. The loft-like spaces, high ceilings, and flexible layouts allow us to create upscale, efficient offices for today's tenants'.
Albert Sultan and Joseph Kassin of Kassin Sabbagh Realty (KSR) represented the seller in this transaction. The two commercial properties – a seven-storey building and an adjacent three-storey structure from the late 19th century – were only on the market for about two months. During this time, several competing offers were received until the sellers decided on a cash offer from Zar Property NY, as Sultan reported.
Sultan emphasised the attractiveness of the location: 'With the many AI and tech tenants supporting the market in terms of leasing, companies want to be in the centre of Downtown and live-work-play submarkets like SoHo and NoHo. I think that's a testament to why this building garnered so much interest; we had three or four buyers all competing for this property.' Zar Property NY completed the deal within 30 days.
Current tenants of the NoHo properties include the art gallery Aicon Contemporary. Directly opposite, at 375 Lafayette Street, Minskoff Equities and Edison Properties are currently developing two residential buildings, each with 99 units, on a site currently used as a car park. These developments underscore the dynamism and attractiveness of the area.
