Sierra sells Midtown office building for $44M

Noorollah Asherian and Kami Rehanian are the buyers

From left: 160 East 56th Street and Meridian's Helen Hwang
From left: 160 East 56th Street and Meridian's Helen Hwang

Howard Sorkin’s Sierra Assets sold the office building 160 East 56th Street to Noorollah Asherian and Kami Rehanian for $44 million.

Sierra had owned a stake in the 12-story building since 1976, and in April bought out its partners for $18.7 million ahead of the sale. The 63,778-square-foot property is almost entirely leased out, sources say. The building holds 42 units, mostly filled by office tenants though there are a few retailers, records show.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

According to sources familiar with the deal, Asherian and Rehanian bought the building as part of a 1031 tax exchange. Earlier this month, Asherian sold two Garment District buildings for $37 million.

Meridian Capital Group’s [TRDataCustom] Helen Hwang, Karen Wiedenmann and Yasmin Kheradpey brokered the deal. Attorneys Howard Wenig and Craig L. Price of Belkin, Burden, Wenig & Goldman LLP represented the seller. Attorney Asaf Dror represented the buyer.