Zar Property NY Acquires Office Building At 118 West 22nd Street For $28 Million
118 West 22nd Street
$28,000,000
$313/SF
Building Size
89,389 SF
Asset Type
Office
Closing
Jun 23, 2026
About this deal
AI
The asset involved in this transaction is an office building located at 118 West 22nd Street in Chelsea, Manhattan. The property encompasses a total area of 89,389 square feet and was sold for $28,000,000, resulting in a price per square foot of $313.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $28,000,000
- Square Footage: 89,389
- Price per Square Foot: $313
- Buyer: David Zar, Dario Zar, Jonathan Zar & Julian Zar - Zar Property NY
- Seller: Jeffrey Gural - GFP Real Estate
Zar Property NY, through W 22 LLC, facilitated the acquisition of the property from Adlie Associates, indicating a significant transaction within the Chelsea market.
On the Map
$28,000,000
$313/SF
Office
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Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93