Manhattan-based Sierra Real Estate has launched a construction division headed by a Swig Equities alum, the firm said last month.
The newly formed entity, called Sierra Development Associates, will handle major capital improvements and tenant build-outs at residential and commercial properties, according to Director of Construction Darren Schumer, head of the new division.
Schumer was director of construction at Swig Equities until the firm’s financially strapped founder, Kent Swig, wound down operations a few years ago. Previous to that, Schumer worked at Jones Lang LaSalle, where he coordinated tenant build-outs for Bank of America.
Sierra chose to expand now, Schumer said, because the improving economy has prompted landlords to renovate and reposition buildings in hopes of attracting higher rents and better tenants.
The new division is already at work on a slew of new projects, including revamping the retail spaces at 72-76 Greene Street in Soho, which is owned by ASB Capital Management and Chicago-based L3 Capital. Sierra is also doing façade restoration work at commercial buildings 12 East 46th Street and 875 Sixth Avenue, Schumer said.
Schumer said the new division consists only of himself and an administrator for now, but will likely expand in the next year.