The Real Deal New York

Sicis picks up NoMad office building for $22M

Italian jeweler has been busy in Soho and Bronx
By Mark Maurer | March 17, 2015 12:43PM

UPDATED, March 17, 3:51 p.m.: Sicis, a high-end Italian jeweler and mosaic tile manufacturer, acquired a five-story NoMad office building for $22.1 million, according to property records filed with the city today.

The 11,350-square-foot property at 240 Fifth Avenue, located between West 27th and 28th streets in the Madison Square North Historic District, last sold in 2012 for $7.7 million. Private investor Paul Zheng is believed to be the seller.

The townhouse is expected to serve as a venue for art exhibitions, storage space and “think tank” to “nest and build the brand,” according to a spokesperson for Sicis.

Bianca USA Real Estate, the real estate investment arm of Sicis, made the purchase.  Peter Weisman of the Lansco Corporation represented Sicis in the deal. He declined to comment.

Sicis has been busy recently. It sold the retail space at 470 Broome Street in Soho to Joseph Sitt’s Thor Equities to $45 million and just closed on a Bronx warehouse for $14 million.

Commercial activity has been sweeping the neighborhood as the Virgin Hotel’s NoMad Center undergoes construction and a 30,000-square-foot retail space at Broadway and 30th Street hit the market.