Zar Property NY signs $77.2M refi, lenders are Safra National Bank, private lender, for office in Midtown West

Zar Property NY through the entity West 54th Street LLC as borrower signed a refi loan with lender Safra National Bank  and an unidentified private lender, which together are valued at $77.2 million for the office building (O6) at 244 West 54th Street in Midtown West, Manhattan.
The deal closed on June 13, 2025 and was recorded on July 15, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $82 million.The property has 134,441 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $574 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The owner bought the property on February 9, 2017, for $83.1 million. The signatory for Zar Property NY was Esshagh Dario Zar .

Signature Bank provided an $82 million loan in March 2022. That loan was memorialized at $77.2 million with Blackstone Group, and then $61.9 million of that was assigned to Safra National Bank and the balance of $15.3 million was assigned to the entity 349 & 54 Lender LLC, which is at the offices of the Great Neck law firm Berliner & Pilson.

Prior sales and revenue

The 134,441-square-foot property generated revenue of $8 million or $60 per square foot, according to the most recent income and expense figures.

The property

The office building in Midtown West has 134,441 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 11,750 square feet. The lot is irregular. The zoning is C6-5 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $22.5 million. The most recent loan totaled $82 million and was provided by Signature Bank on March 9, 2022.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $11,000 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 2, 2019. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 2nd highest sale turnover among other neighborhoods in the city with $2.7 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 35.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 46 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 11 commercial properties representing 243,456 square feet of the 1,037,202 square feet. The largest owner is Allied Partners, followed by Zar Property Ny and then Hiwin Group USA.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 1 million square feet of built space are office buildings, with hotel buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Zar Property Ny owned at least nine commercial properties with 46 residential units in New York City with 542,221 square feet and a city-determined market value of $157.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 94 percent of the 542,221 square feet of built space are office properties, with walkup properties next occupying 6 percent of the space. They are all located in Manhattan.

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