Manhattan, NY According to Zar Property NY, they have completed a 10-year 6,000 s/f lease at 64 Wooster Street in the SoHo neighborhood. Zar leased the space to Kaleidoscope Creative, a media and production company. Kaleidoscope is relocating from space at 245 West 55th St. Asking rent was $79 per s/f.
David Zar represented ownership in-house while Waite Buckley and Jennifer Scolnick of Vicus Partners acted for the tenant.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,