$13m SoHo deal breaks the silence.

Real estate activity is so quiet you could hear a pin drop right now but a recent off-market transaction in SoHo has made a little noise in this silent market.

64-68 Wooster Street sold to Zar Properties for just under $13 million. The eight-story loft building, a mixed-use property comprised of 10 commercial units and eight residential units, offers nearly 50,000 s/f, including 6,000 s/f of retail space and a 7,000 s/f basement.

According to Ivan Hakimian, of Itzhaki Properties, it took nearly four years to convince the owner to sell. Hakimian, who represented the buyer and seller in the transaction, said a combination of timing, personal factors and confidence in his ability to close the deal played a role in seeing the sale through.

Dario Zar purchased the building, while David and Simon Zar will spearhead its management. According to David Zar, the firm--whose portfolio largely consists of Tribeca and SoHo assets--sees a plethora of opportunities in the SoHo neighborhood and are keenly eyeing other possible acquisitions now that competition has dramatically diminished.

"A lot of big buyers are waiting on the sidelines and waiting for prices to drop," Zar said. "But if we see an opportunity, we're going to jump on it."

According to Zar, the previous owner of the century-old building (situated between Spring and Broome streets) wasn't the most hands-on of landlords. Zar is planning major lobby and elevator upgrades for the property, which has a few vacancies to fill.

Part of Zar's acquisition strategy during this unprecedented downturn, includes focusing on properties with tremendous upside, and the buyer believes the deal is a prime example of a current-market bargain. "There are retailers a few stores away paying $275 psf to rent; we're buying buildings at $275 psf," Zar noted.

The tenant roster at 64-68 Wooster includes renowned fashion photographer Steven Meisel, whose work has appeared on the covers of Vogue and W magazines. Meisel, who has photographed the likes of Madonna and world famous models like Twiggy, has a couple years remaining on his lease, according to Zar.

Also a tenant, Ohio Theatre currently occupies the ground-floor space but the future of the downtown arts group remains uncertain. Founded in 1984, the theatre will vacate the space by mid-year.