By Holly Dutton
Zar Realty is bringing two prize Soho retail units to the market for the first time in 30 years.
The 10,500 s/f combined spaces at 42-44 Greene St. and 46-50 Greene St in the heart of the trendy district are at the bottom of two cast iron buildings that Zar Realty purchased in 2008 for $49 million.
The below-grade spaces are zoned for both office and retail and have undergone a renovation that included new bathrooms, electric, plumbing and rear windows. The lobby of the building is currently undergoing a modern renovation with white terrazzo floors and floor-to-ceiling glass entryway doors.
Three separate entrances lead from the retail units and the spaces above directly onto the street.
The retail units — each 5,500 s/f — were formerly occupied by a furniture upholstery shop.
“It’s a wonderful opportunity for a tenant wanting a retail presence in SoHo without paying retail rents,” said David Zar, of Zar Property. “We will work with them on signage and street level visibility.”
Zar said he is casking $67 psf for the spaces, noting that a retail space at 60 Greene Street (half a block away) is currently asking $300 psf.
Greene Street is dominated by apparel and furniture stores like Swedish clothing store Acne, Gudrun Sjoden, and Jonathan Adler home design.
Tenants in the upper floors of the buildings at 42-50 Greene St. include British newspaper the Daily Mail, celebrity cake designer Ron Ben Israel, Italian clothing line Ter Et Bantine and British marketing firm Stranger & Stranger.
The units can be leased separately or together, said Zar, who added that he has received “daily inquiries” about the space both from from existing tenants in the neighborhood as well as interest from furniture companies and high-end fitness chains.
“It’s a very unique space,” said Zar. “We’re trying to utilize every square foot in the building.”