Sierra sells Midtown office building for $44M

Noorollah Asherian and Kami Rehanian are the buyers

TRD New York /
July 26, 2016 07:00 AM

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.


Related Article

arrow_forward_ios
1735 York Avenue and Bonjour Capital's Charles Dayan (Credit: Google Maps)

Dayan’s Bonjour Capital inks $115M refi for Upper East Side building

A rendering of 210 East 135th Street 

Cheskel Schwimmer lands $65M construction loan for South Bronx project

Adam Hess’ break with TerraCRG gets more contentious with another lawsuit

Amid the Jersey City boom, development site sells for $48M

arrow_forward_ios