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Zar Properties buys two NoHo buildings on Great Jones Street for $21M

The adjacent properties were on the market for about two months and sold to Zar on a cash offer that closed within 30 days.

Reported · Written up by our desk · Industry

Zar Properties has acquired two mixed-use buildings at 31 to 35 Great Jones Street in NoHo for $21 million, Commercial Observer reported.

The seven-story property and an adjacent three-story late 19th century building, located between Lafayette Street and the Bowery, had been owned by the Scott family of Great Jones St. Realty for at least five decades, before the family put the assets up for sale amid tougher competition across office, retail, and residential in the area, according to the outlet.

Commercial Observer said the buildings were listed for about two months, drawing competing offers before the sellers accepted Zar’s cash bid. Kassin Sabbagh Realty represented the seller in the transaction, with Albert Sultan and Joseph Kassin named as representatives.

Zar closed the deal within 30 days, and Commercial Observer noted that current tenants include art gallery Aicon Contemporary. The report added that nearby at 375 Lafayette Street, Minskoff Equities and Edison Properties are constructing two 99 unit multifamily projects on a parking lot site.

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