Zar Property NY completes the acquisition of 349 Fifth Avenue for $18.3 million

Zar Property NY has acquired 349 Fifth Ave. for $18.3 million. The property is an eight-story office building at the corner of 34th St. and across the street from the Empire State Building. It commands 100 ft. of frontage along 34th St. and was sold in a bid process and closed in 11 days. The building was formerly occupied by JPMorgan Chase, who sold the property to Zar and leased back the ground floor and mezzanine level, one of the terms contingent on the sale. According to one broker, JPMorgan reviewed every offer and was most comfortable with Zar's track record, ability to close and future operator of the building allowing them to acquire the property and remain as a long-term tenant. The upper six floors totaling 43,000 s/f are vacant and available according to Zar. "We are very excited at the opportunity to re-introduce six full floors of prime office space located at the crossroads of New York City with tremendous visibility neighboring the most famous building in the world," said Dario Zar, president. According to Zar, the building housed the executive lending department at JPMorgan and the build out and finishes are superb and have been institutionally maintained for decades. This transaction is similar to another SoHo property that Zar analyzed and immediately closed on in under a month's time in December 2008. Houlihan Lokey represented the seller in the transaction. Nearly a dozen brokerage firms have already contacted Zar about the leasing assignment and a decision should be made by months end.