Sierra sells Midtown office building for $44M

Noorollah Asherian and Kami Rehanian are the buyers

New York /
Jul.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 Articles

arrow_forward_ios
Meridian Capital Group CEO Ralph Herzka, Former Freddie Mac CEO David Brickman and  Barings CEO Mike Freno (Herza by Studio Scrivo; Brickman by Freddie Mac; Freno via Barings)
Ex-Freddie Mac boss looks to become top agency-backed CRE lender
Ex-Freddie Mac boss looks to become top agency-backed CRE lender
Former Freddie Mac CEO David Brickman and Meridian Capital Group CEO Ralph Herzka (Freddie Mac; Herza by Studio Scrivo)
Ex-Freddie Mac CEO launching lending platform with Meridian, Barings
Ex-Freddie Mac CEO launching lending platform with Meridian, Barings
Ed Adler and Wendy Silverstein (Getty)
Wendy Silverstein, Ed Adler launch loan restructuring biz
Wendy Silverstein, Ed Adler launch loan restructuring biz
TSCG and SCG Retail's David Firestein, Meridien Retail Leasing's James Famularo and Newmark Knight Frank's Jeffrey Roseman
How to restart retail on today’s TRD Talk
How to restart retail on today’s TRD Talk
Meridian Capital CEO Ralph Herzka (Credit: Studio Scrivo, iStock)
Meridian Capital hit with round of layoffs
Meridian Capital hit with round of layoffs
Meridian Capital CEO Ralph Herzka and One Battery Park Plaza (Credit: Sean Zanni/Patrick McMullan via Getty Images; Google Maps)
Meridian Capital employee tests positive for coronavirus
Meridian Capital employee tests positive for coronavirus
Meridian Capital CEO Ralph Herzka and Former Credifi CEO Ely Razin (Photo by Sean Zanni/Patrick McMullan via Getty Images; Twitter)
Meridian takes page from startups, names CrediFi’s Ely Razin CIO
Meridian takes page from startups, names CrediFi’s Ely Razin CIO
23-10 Queens Plaza South, Gary Segal and Justin Ehrlich (Credit: Google Maps)
Dynamic Star CEO buys Queens Plaza site for $28M
Dynamic Star CEO buys Queens Plaza site for $28M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...