From left: James Wacht, principal of Sierra Realty and co-founder Lee & Assoicates NYC, Edward Indvik, vice chairman of the Lee & Associates investment group, and 12 East 46th Street (building credit: PropertyShark)
Los Angeles-based real estate brokerage firm Lee & Associates, which reported
$4.4 billion in transactions nationally last year, but has been off the radar in New
York City, opens its first office here today, company executives told The Real
James Wacht and Peter Braus, principals of commercial brokerage Sierra Realty,
formed the new entity that will operate as Lee & Associates NYC, based in
Midtown and operating in Manhattan. The new company now has 14 brokers and
agents (brought over from Sierra Realty), but by the end of next year they expect
it to have 10 new hires in office, retail and multi-family leasing, Wacht said.
Wacht and Edward Indvik, vice chairman of the Lee & Associates investment
services group, spoke with The Real Deal yesterday.
“What we are going after are brokers who have a pretty good track record,
probably in excess of half a million dollars in gross commissions on an annual
basis,” Wacht said. … [more]