Zar buys Bronx apts.(Zar Property NY)(Brief article)

Zar Property NY has purchased another apartment building in the North Bronx. 3128 Villa Ave consists of 27 apartments & 3 stores and is located near the comer of Bedford Park Ave and minutes from Lehman College. The 50 footer is approximately 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" noted 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" added Sharone Sohayegh of Marcus + Millichap, who represented both parties in the transaction. Zar has also 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.