Zar Property NY invests in 22,000 s/f 3128 Villa Ave. in the North Bronx

Zar Property NY has purchased another apartment building in the northern section of the borough for $1.75 million. 3128 Villa Ave. consists of 27 apartments & 3 stores and is located near the corner of Bedford Park Ave. and minutes from Lehman College. The building is 22,000 s/f and was delivered 25% vacant. "This was an opportunity to immediately begin a full renovation of the vacant apartments & stores and have them ready in time for the peak season" said Simon Zar, managing member. Due to the appeal of the transaction, Zar agreed to purchase the property at its full asking price, and close within 21 days of the contract signing without any form of financing. "The seller was planning to exchange into a less intensive management type property, which had already been identified and our buyer was flexible in that they were able to close almost immediately in cash," said Sharone Sohayegh of Marcus + Millichap, who represented both parties in the transaction. While originally focusing on redevelopment of underperforming and "tired" shopping centers, Zar has been aggressively acquiring residential buildings across Harlem and the Bronx. It has recently entered into contract to purchase a 165,000 s/f shopping center near Chicago and a 14,000 s/f mixed use property in the South Bronx. Both will be delivered 100% vacant.