Bobby Zar’s ZG Capital pays $10M to Acadia for Noho loft building

ZG Capital Partners through the entity 654 Noho Lofts, LLC paid $10 million to Acadia Realty Trust through the entity Acadia 654 Broadway LLC for the eight-unit rental (D2) at 654 Broadway in Noho, Manhattan.
The deal closed on May 19, 2021 and was recorded on June 11, 2021.
The building has 19,979 square feet of built space and 0 square feet of additional air rights for a total buildable of 18,850 square feet according to PincusCo analysis of city data. The sale price per built square foot is $500 per the PincusCo analysis.
The signatory for Acadia Realty Trust was Jason Blacksberg. The signatory for ZG Capital Partners was Babak Bobby Zar.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $537,700.
Jason Blacksberg is general counsel for Acadia Realty Trust. The Commercial Observer reported that the buyer is an affiliate of the Zar Group. Acadia acquired the property after the prior owners lost it in a foreclosure.
The former owners according to the Department of Housing Preservation and Development included Robert Masters, head officer and Moises Farhat, officer. The business entity was Acadia 654 Broadway LLC.
Within a 400-foot radius of 654 Broadway, PincusCo identified seven commercial real estate items of interests that occurred over the past 24 months.
Of those seven items, six were for major renovations including a certificate of occupancy change. There were three permits with a total initial cost of $2.2 million and three initial temporary certificate of occupancy issuances for projects that initially cost $3.6 million. The most recent of these six items was the temporary certificate of occupancy on June 30, 2020 for a 53,807-square-foot retail building with 0 residential units at 670 Broadway.
One of those seven items was a loan in which Yuco Management borrowed $63 million from Nationwide Life Insurance Company secured by the 99,470-square-foot, four-unit office building (O5) at 622 Broadway on January 27, 2020.

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