Zar Group Acquires 1450 Broadway for $204M

NEW YORK CITY-Taking title at 1450 Broadway is the Zar Group, who acquired the trophy 42-story, 400,200-square-foot Midtown office tower for $204 million. Located in the center of the Times Square submarket on the corner of 41^st and Broadway, the group, along with investment partners, the Hakimian Family and the Hakakian Group, purchased the property from a partnership of The Chetrit Group, The Moinian Group and Edward J Minskoff Equities.

Bobby Zar, CEO of the Zar Group, formerly Zar City Properties, tells GlobeSt.com that the group has a “very strong preference” for Broadway properties and the resurgence of the Times Square submarket. “We are very bullish about the New York City market,” he says. “We are seeing lots of strength in the office and leasing right now. It is poised to recover, and we are getting a lot of interest in this property as well. We have been selectively looking for about three years right now for the right opportunity to come up.”