ZG Capital Partners managed by Bobby Zar and James Tamborlane has acquired 654 Broadway, a six-story, mixed-use building in the NoHo neighborhood of Manhattan.
The Zar Group obtained the property from Acadia Realty Trust for $10 million. Goldman Sachs gave a $6.5 million loan in the deal.
The 20,000 SF asset lies between Bond Street and Bleecker Street and features ground-floor retail with seven residential units above.
Centrally located in the buzzing NoHo neighborhood, the building is only one block from New York University’s main campus and Washington Square Park. It remains within three blocks of seven subway lines.
Its retail segment features more than 30 feet of prime frontage on Broadway is fully owned by CityMD and comprises 5,400 square feet across the ground floor and lower level.
At the time ZG Capital’s purchased the property, the residential units were 86% rented. The purchase only reinforces ZG Capital’s growing portfolio.
In extension to its flagship office property at 1450 Broadway, the firm took the eight-story of Bruckner Building with 188,000 square-foot assets covered of business attics in the Bronx in January 2020.