Zar Property NY refis $35M with Ocean First Bank for property in Soho

Zar Property NY through the entity 105 Wooster LLC as borrower signed a loan agreement with lender Ocean First Bank Na valued at $35.0 million for 4 parcels, including the tax class other (OT) at 105 Wooster Street in Soho. The deal closed on March 23, 2021 and was recorded on March 31, 2021.
The property contains a total of 31,207 square feet of built space.
The average loan per buildable square foot is $983.
The debt was increased from $33 million with a $2 million gap loan. The last time the property sold was July 31, 2012 for $38,500,000.
Over the past five years, there have been 15 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $128,500.0. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $2,691,342.

Direct link to Acris document. link