Bobby Zar’s ZG Capital Partners has bought a largely vacant East Village office building at 836 Broadway.
The six-story building includes 56,827 square feet, 36,727 of which is used for office space and 20,100 of which is retail, according to PropertyShark. 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 has a market value of nearly $14 million and an assessed value of $6 million. The 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.
Neither Zar nor Newmark, which marketed the building, responded to requests for comment.
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.
Business News Governmental News Finance News
Need Your Help Today. Your $1 can change life.