Zar Property has snapped up another diminutive and lovely Soho building, this one an eight-story commercial edifice at 64 Wooster Street for $12.65 million.
Zar acquired the deed from former landlord William Hahn on Dec. 11, according to recently available city records.
Zar Property’s Dario and David Zar are apparently among those who think the downmarket is the time to buy, and who have the means to do so.
According to their Web site:
Zar Property NY has not let the fears of a commercial meltdown or “credit crunch” slow them down. They began 2008 with securing the rights to purchase a 12,000sf retail condo in the heart of Tribeca, leased by one of Manhattans most well known restaurant tenants. “Megu”, the trendy Japanese restaurant led by Koji Imai opened his flagship restaurant in Tribeca and has since become a well known destination for celebrities & Manhattan socialites. The space underwent a 6 million dollar renovation prior to its grand opening in 2004 and is distinctively known for its centerpiece, the ice Buddha. Zagat’s recently published 2008 edition highly rated Megu Tribeca with “top decor” in New York City. “Megu is extremely well known and benefits from sales that are escalating annually. This was an excellent opportunity to acquire a prime asset with a tenant recognized for its spectacular food and attentive service, ” noted Dario Zar.
Dario Zar could not be reached for immediate comment. But the building houses the Ohio Theater, which will soon show Target Margin‘s 10 Blocks on the Camino Real. Its artistic director, Robert Lyons, recently published a letter on its Web site in which he says that Zar Property is forcing the institution out:
Dear Ohio Theatre lovers,
The horrible rumors you’ve heard are true. The building has been sold. The future of our beloved Ohio Theatre is in jeopardy. I’ve been waiting for the sale to close before sending out information. The sale has now closed.
Read the entire letter here.