The former home of Davio's Restaurant and current address of the trendy Croma eatery is a small multi-level property that has residential on the upper floors. "It's a nice building," says one local commercial real estate expert who cites a wider berth than similar structures on the street, plus a well-maintained façade and the substantial fit out spent on the Croma space. The building was sold by P&F Realty Trust, an entity controlled by a local family that had owned 267-269 Newbury St. as far back as the 1960s, according to real estate records. Representatives of the sellers did not return phone calls by press deadline.

Serge Safar's presence in the district also dates back decades, with his firm having been incorporated in 1974. How long Safar Salon has been at 234 Newbury St. is unclear, with calls to the ownership were also not returned. One observer, however, terms the operation "an institution" on the internationally known retail strip. The salon advertises a variety of services on its website, including hair styling, makeup and skin treatments.

The source familiar with Safar Salon says it does not appear the owners are planning to relocate to 267-269 Newbury St., which is between Fairfield and Gloucester Sts. near the Massachusetts Ave. end of the strip. The investment could be a pure real estate play, suggests the source. A flood of domestic and overseas real estate investors have flocked into Newbury Street during the past 18 months, with more than $200 million of properties trading in 2007 alone, but Serge Safar and his clan are hardly newcomers to the ownership route. Among other buildings, family members control 118, 132 and 291 Newbury St., while 18 months ago Gaston Safar purchased 34-36 Gloucester St.