118 West 22nd Street
This is a straightforward institutional office sale in Chelsea's Midtown South submarket at $313/SF, which is modestly below estimated market comps near $320/SF, suggesting the buyer secured a slight discount — likely reflecting ongoing post-pandemic softness in secondary Manhattan office assets. GFP Real Estate is a credible and well-capitalized seller with deep market presence, and Zar Property NY brings a solid family-office acquisition track record, reducing counterparty risk. No distress flags, liens, litigation, or defaults are present, and the transaction structure through W 22 LLC is standard for this buyer profile. The Chelsea office market remains challenged by elevated vacancy and subdued leasing velocity, which introduces moderate re-tenanting and stabilization risk for the buyer. Overall, this is a sound opportunistic acquisition with reasonable pricing, reputable parties, and manageable market headwinds.
Deal Stats
Parties
Seller / Landlord
GFP Real Estate, led by Jeffrey Gural, is one of New York City's largest privately held commercial landlords with a portfolio exceeding 50 properties and a long history of office ownership in Midtown South and surrounding submarkets, with $915M+ in transaction volume on record.
Buyer / Tenant
Zar Property NY is a family-owned NYC real estate firm with a track record of acquiring and managing commercial and mixed-use properties across Manhattan, known for value-add repositioning strategies in transitional office and retail submarkets.
Score Analysis
Why this score
Pricing vs Market Comps
Purchase price of $313/SF sits 2% below estimated market comps of $320/SF, indicating modest buyer discount without suggesting distress.
Seller Credibility & Capitalization
GFP Real Estate's $915M+ transaction volume and 50+ property portfolio demonstrate institutional strength and low counterparty risk.
Chelsea Office Market Fundamentals
Elevated vacancy rates and subdued leasing velocity in Midtown South create material re-tenanting and stabilization risk for the buyer.
Buyer Track Record
Zar Property NY's established value-add repositioning strategy in transitional office submarkets aligns well with Chelsea's current market positioning.
Post-Pandemic Office Softness
Ongoing secondary Manhattan office weakness creates medium-term headwinds for revenue stabilization and exit timing.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Secure Pre-Leasing Commitments
Lock in 15-20% of available square footage before closing to reduce re-tenanting risk and improve buyer financing terms.
Develop Chelsea-Specific Value-Add Plan
Present detailed repositioning strategy targeting life sciences, creative office, or hybrid use conversion to differentiate from commodity secondary office inventory.
Clarify Transaction Amount & Cap Rate
Disclose full purchase price and inferred cap rate to enable proper valuation benchmarking and buyer exit strategy assessment.
Raw Deal Textclick to expand
traded + Submit RE Growing Financial Partnerships For Over 30 Years. Get Started Home Deals New York Office Sale 118 West 22nd Street Share SOLD Zar Property NY Acquires Office Building At 118 West 22nd Street For $28 Million $28,000,000 $313/SF BUILDING SIZE 89,389 SF ASSET TYPE CLOSING Jun 23, 2026 Overview Players Market Deal Summary Caption 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. PLAYERS All Buyers | Sellers Julian Zar Zar Property NY BUYER 5 deals Contact David Zar $85M VOL 8 deals DZ Dario Zar JZ Jonathan Zar 3 deals Jeffrey Gural GFP Real Estate SELLER $915.3M 20 deals Midtown South West Office Market Snapshot Neighborhood boundary · Office · Sale transactions Full Market → Comps Listings Map Investors 10 Top Brokers Lenders Loading comparables… Live NEARBY MARKETS NEIGHBORHOODS Long Island City Central Williamsburg Commercial District Greenpoint Williamsburg Financial District Downtown West Commercial District Chinatown Lower East Side East Village West Village Clinton Midtown BOROUGHS Staten Island Bronx Queens Manhattan Brooklyn CITIES Paterson Hackensack Bayonne Paramus East Orange Hoboken Newark Clifton Jersey City West New York Linden Fort Lee STATES North Carolina Virginia West Virginia Michigan Massachusetts Pennsylvania Vermont South Carolina New Hampshire District of Columbia New Jersey We are telling CRE's story Traded is the #1 source for cutting-edge CRE transactions & insights. 1M+ DEALS 100K+ USERS 47 MARKETS 1.2M+ FOLLOWERS Browse Closings by State National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Minnesota Mississippi Missouri Montana Nebraska Nevada New Mexico North Dakota Ohio Oklahoma Oregon Rhode Island South Dakota Tennessee Texas Utah Washington Wisconsin Wyoming Search News Agents Agencies About About Us FAQ Testimonials Help Help Center Pricing Return Policy Follow a feed NY @tradedny MIA @tradedmiami LA @tradedla CHI @tradedchicago BOS @tradedboston DAL @tradeddallas NJ @tradednj 18.2K The Traded Weekly Every major deal & ranking update — Friday mornings. Email © 2026 Traded Media LLC · All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use