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.
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 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.