Zar Property Buying Out Nassimi Stake In Two SoHo Buildings
Zar Property NY is expanding its ownership stake in two five-story office buildings in the heart of SoHo.
The family firm, led by president Dario Zar, is buying out its partner, the Nassimi family, at 42 Greene St. and 90 Grand St., according to property records. Zar has already paid the Nassimi family more than $57M in the deals for 42.5% of the Nassimi's stake.
The process is being carried out in a series of six transactions, and one has not yet closed, The Real Deal reports.
Transactions range from $6.6M in February 2015 for a 5% stake in the properties, to $15.9M in August 2015 for 12%. Most recently, on Feb. 7, Zar paid Nassimi $11.3M for another 8%. The Nassimi family held a 49% stake in the properties, which the partners value at $125M. The two buildings were purchased in 2008 for $49M.
The office building at 42 Greene St. covers 48K SF, including 11K of retail. The other office building, at 90 Grand St., is also known as 38 Greene St., and covers 38K SF, including 7,500 SF of retail.