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Article: ZAR builds well-timed buys into real estate empire. (ZAR Realty Management Corp.)
- Article from:
- Crain's New York Business
- Article date:
- October 20, 1997
- Author:
CopyrightCOPYRIGHT 1997 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Low-key newcomer to industry now needs management savvy
When Tamir Sapir, a wealthy Soviet immigrant, bought the aging 32-story office building at 2 Broadway in 1995, the real-estate community laughed at him for falling for a white elephant.
"At a minimum, they giggled," says Frederick Contini, Mr. Sapir's associate and the top executive at his Manhattan-based ZAR Realty Management Corp.
No one's laughing anymore. With space for large tenants in scarce supply throughout Manhattan, the vacant building's 1.4 million square feet are a prime commodity. Prospective tenants like the Metropolitan Transit Authority and Empire Blue Cross and Blue Shield have ...