The Zar Group has refinanced its Times Square office tower in a $170 million transaction. Located at 1450 Broadway, the 42 story building was constructed in 1931 and totals 400,200 square feet. The funding, provided by Goldman Sachs, includes a $67.4 million gap mortgage and replaces a $114 million loan from UBS Real Estate Securities, of which $102.6 million was outstanding. The firm bought the building in 2011 for $204 million. The Zar Group is the real estate investment arm of the Zar family, which owns the dress manufacturer Studio One.
