The Real Deal New York

Sierra sells Midtown office building for $44M

Noorollah Asherian and Kami Rehanian are the buyers
By Konrad Putzier | July 26, 2016 07:00AM

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.

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 TRData LogoTINY 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.