Zar Property NY in contract to pay under $30M for Chelsea office
118 West 22nd Street (Credit - Cyclomedia)
Zar Property NY, a Manhattan-based family investment firm, through the entity W 22 LLC, signed a contract last month to buy 118 West 22nd Street, a 100,000-square-foot office building between Sixth and Seventh avenues in Chelsea, Manhattan, for a price in the “high $20 millions” but less than $30 million, according to a source familiar with the transaction. The seller is the entity Adlie Associates, an affiliate of the Alexiou family office, according to city records.
Zar Property NY, headquartered in Midtown, is led by family members Dario Zar, David Zar, Simon Zar, Jon Zar and Julian Zar.
The contract date was March 4, 2026, and the sale is expected to close in about a month. There were no brokers. The tenants in the property include NY Cake in the retail space, and in the office space LB Architects, and show rooms and office space for the bridal designer Kleinfeld.
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The property
The office building in Chelsea has 89,389 square feet of built space according to a PincusCo analysis of city data. The 100,000 figure include loss factor, and is the figure typically used by leasing brokers and real estate professionals. The parcel has frontage of 75 feet and is 98 feet deep with a total lot size of 7,406 square feet. The zoning is C6-3A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $18.9 million.
Prior sales, articles and revenue
The 89,389-square-foot property generated revenue of $3.3 million or $37 per square foot, according to the most recent income and expense figures.
Violations and lawsuits
According to city public data, the property has received $1,900 in OATH penalties in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 8th highest sale turnover among other neighborhoods in the city with $1.4 billion in sales volume in the last two years. For development, Chelsea has near average amount of major developments among other neighborhoods and is the 15th highest in Manhattan. It had 3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of six of the 16 commercial properties representing 192,022 square feet of the 786,804 square feet. The largest owner is Neighborhood Restore Hdfc, followed by Suresh Sani and then Twin Oaks Equity Partners. On the tax block, there was one new building construction project filed totaling 22,042 square feet. It is a 26-unit, 22,042 square-foot residential (R-2) building submitted by Rona Reodica with plans filed October 1, 2021 and permitted May 31, 2023.
The surrounding
Within a 400-foot radius of 124 West 22 Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. One of those two items was a sale which JP Real Estate Group Limited bought the 3,421-square-foot, three-unit mixed-use building (K4) on 684 Avenue Of The Amer for $5.8 million from Dalan Real Estate on March 27, 2026. One of those two items was a loan which Dalan Real Estate and Mark Goldberg borrowed $9 million from BankUnited secured by the 3,421-square-foot, three-unit mixed-use building (K4) on 684 Avenue Of The Amer and two other properties on October 31, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.