Calendar Year 2007
MANAGEMENT ASSIGNMENT/CONSULTING
The following new property management assignments were granted to Sierra Realty Corp. in 2007:
LEASING ASSIGNMENTS
Described below is a representative sampling of some of the leasing assignments consummated by Sierra Realty in 2007:
PROPERTY ACQUISITIONS
4401 7th Avenue, Brooklyn, New York: an affiliate of Sierra acquired this 54,000 sq. ft., 54 unit, elevatored, apartment building in the Sunset Park neighborhood of Brooklyn. Sierra is in the process of converting this building to condominium ownership.
Calendar Year 2005
OFFICE LEASING TRANSACTIONS:
Sierra Realty concluded 26 office leases covering over 126,000 rentable
sq. ft. of space in 2005.
Representing the tenant, Reprise Media, Sierra Realty Corp. completed a 12,000 sq. ft. office leasing assignment at 55 5th Ave. for a term of 10 years. Peter Braus handled this assignment for Sierra Realty.
Ten leases for a total of 30,000 sq. ft. were concluded at 875 6th Ave. on behalf of building ownership. James Wacht and Peter Braus handled these assignments for Sierra.
At 116 W. Houston St., five leases covering over 29,000 sq. ft. were concluded covering the ground, second, fourth, fifth in a portion of the six floors of the building. Peter Braus and Paul Torres of Sierra handled these assignments. The leases that were concluded included:
Barry Sanet, senior vice president, concluded a nine–year, 16,000 sq. ft. show room lease for Beauvais Carpet at the Fuller Building, 595 Madison Ave. Beauvais Carpet is one of New York's premier sellers of antique rugs and carpets. Gregg Weiss acted on behalf of Vornado Realty, the building’s owner.
At 12 East 46 St., Sierra Realty closed four leases covering 8000 sq. ft. of space. Three of the leases were with jewelry tenants. James Wacht and Peter Braus handled these transactions.
Barry Sanet, Executive Managing Director, concluded a renewal and expansion of the showroom space leased to Schwartz & Benjamin, a major distributor and designer of fashion footwear at 20 West 57th Street. The newly completed lease covers the entire 4th, 5th and 6th floors of the building and comprises 15,300 sq. ft.
Acting on behalf of the subtenant, Barry Sanet, Executive Managing Director, consummated the sublease of a portion of the 17th floor at Tower 49 at 12 East 49th Street, to Arview Holding, Inc.
Sierra Realty Corp. concluded the leasing of a 4,400 sq. ft. commercial unit in a townhouse building at 64 West 21st Street to the real estate brokerage firm of Fenwick–Keats. The lease has a term of twelve years. Peter Braus and Paul Torres, of Sierra Realty Corp., represented both the landlord and tenant in this transaction. This is the second lease Sierra has concluded with Fenwick–Keats.
Sierra Realty concluded a transaction with Advanced Derma Tech, a laser hair removal firm, for the entire 3rd floor, 2,000 sq. ft. of office space at 422 Madison Avenue.
Peter Braus, Executive Vice President, of Sierra Realty Corp., concluded a transaction for Brae Capital, a wholly owned subsidiary of the Brae Group, a New York City based hedge fund, for 3,066 sq. ft. of office space at 712 Fifth Avenue, one of Manhattan’s premier office buildings.
RETAIL LEASING ASSIGNMENTS:
Nine leases were concluded by Sierra Realty brokers in 2005.
Acting on behalf of ownership, Sierra Realty Corp. completed the leasing of a 340 sq. ft. store on the corner of 61st Street and Lexington Avenue with SAVON, a company specializing in the retail sale of scents and other toiletries items. A rent in excess of $500 per sq. ft. was achieved. This is the tenant’s fifth store in Manhattan. PBS Realty advisors represented the tenant. James Wacht and Peter Braus handled this assignment for Sierra.
Peter Braus of Sierra Realty Corp. acted as the tenant’s representative in the leasing of a 1,400 sq. ft. store on Lexington Avenue between 61st and 62nd Street. The new tenant is an entity controlled by Alan Phillips, the owner of Pick–A–Bagel, Lillie’s and other restaurant concepts. Mr. Phillips operates over twenty restaurants in the New York area. The lease was for a term of 15 years. Eric Gelber of CB Richard Ellis acted on behalf of building ownership.
Peter Braus and Paul Torres of Sierra Realty Corp., recently concluded four store leases for the tenant, Kuhlman Corp. Transactions included an 1,800 sq. ft., 10 year lease at 96 Grand St., a 600 sq. ft. five–year lease at 484 6th Ave., a 1,200 sq. ft. lease for 10 years at 444 Madison Ave., and a 800 ft.² lease for five years at 209 Columbus Ave. Kuhlman is the owner and operator of retail store specializing in the sale of moderately priced, high–fashion dress and casual shirts. Sierra Realty Corp.acts as their exclusive broker.
Sierra Realty Corp. concluded the leasing of a 325 sq. ft. store at 782 Lexington Avenue between 61st and 62nd Street. The store was leased to the tenant known as Cleo & Patek for a term of ten years. Shelley Finklestein represented the tenant in this transaction.
Acting on behalf of building ownership, Sierra Realty Corp. recently concluded a lease with Starbucks for the 1,400 sq. ft. corner store at 875 6th Ave. Peter Braus and James Wacht acted on behalf of building ownership, David Firestien of Northwest Atlantic Realty, represented Starbucks.
PROPERTY DISPOSITIONS AND FINANCINGS:
In 2005 Sierra was instrumental in concluding transactions having a value in excess of $220,000,000.
James Wacht and Paul Klausner of Sierra Realty Corp. acted as the buyer’s representative in the acquisition of two properties for a combined purchase price of approximately $24 million to satisfy a like–kind exchange requirement. The two properties consisted of a fee position in Seabrook, New Hampshire subject to a ground lease with a Lowe’s Home Improvement Center and a 14,000 sq. ft. Walgreen’s located in Longview, Texas. In assisting the new buyer with this exchange requirement, Sierra considered over 75 individual properties.
Acting as consultant, James Wacht assisted in the sale of two pre–war, Upper West Side apartment buildings containing over 200 large apartments and retail space on Broadway for a purchase price of $170MM. The sale of these two buildings to a local co–op converter occurred after Mr.Wacht advised the families that had owned these properties for several generations as to the potential value of the buildings.
Acting on behalf of building ownership, James Wacht, President, negotiated a $30MM 15–year fixed rate mortgage for the 230,000 sq. ft. office building located at 875 Sixth Avenue with Sun Life Insurance Company of Canada. Craig Bjornsund of Northmarq Capital represented the lender in this transaction.
MANAGEMENT ASSIGNMENTS/CONSULTING:
Sierra Realty Corp. has been appointed the managing agent of the six–storied, elevatored, twenty–four unit rental building located at
572 West 141st Street.
New York Law School has appointed Sierra Realty Corp. as the managing agent of a recently acquired residential building located at 54 Leonard St. in Tribeca.
St. Vincent's Medical Center has retained Sierra Realty to assist
in resolving rent regulation issues pertaining to their residential
properties.
Calendar Year 2004
OFFICE LEASING TRANSACTIONS:
Sierra Realty concluded 31 office leases covering over 105,000
sq. ft. of space in 2004.
26 leases for a total of 50,000 sq. ft. were concluded at 875 6th Ave. on behalf of building ownership. James Wacht and Peter Braus handled these assignments for Sierra.
Lease Renewal Negotiated: Acting on behalf of Prime Office Centers 521 Fifth LLC, Sierra Realty completed the negotiation of an 8–year lease extension for this approximate 14,000 sq. ft. tenant at 521 Fifth Avenue.
25,000 sq. ft. Lease Transaction Consummated: Acting on behalf of the tenant, Sierra Realty concluded a lease renewal for Cooper Robertson & Partners for 25,000 sq. ft. at 311 West 43rd Street. James Wacht, President, Barry Sanet, Senior Managing Director and Paul Torres, Leasing Associate, assisted on the transaction. Steve Marvin of Olmstead Properties represented the ownership of the building.
10,000 Sq. Ft. Office Lease Consummated: Acting on behalf of building ownership, Sierra Realty Corp. completed the leasing of the 10,000 sq. ft. 3rd floor at 401 Washington Street to Platform LLC. Sierra Realty Corp. was the sole broker in the transaction.
Lease signed with Capitol Glass and Sash Co: Acting on behalf of building ownership, Sierra Realty Corp. brokered the 3,500 sq. ft. lease transaction with Capitol Glass and Sash Company for the ground floor corner unit at 401 Washington Street.
Lease for Dental Practice Concluded: Paul Torres, leasing associate for Sierra Realty Corp, recently represented West Side Dental Associates, currently at 733 Amsterdam Avenue at 96th Street, in their leasing of space at 165 W. 91st St. The Landlord, Hirth Realty, was represented by Mike Seiger of Fenwick Keats.
RETAIL LEASING ASSIGNMENTS:
Eight leases were concluded by Sierra Realty brokers in 2004.
Lease Transaction for M&T Bank Closed: Barry Sanet and Peter Braus of Sierra represented M&T Bank in the leasing of a new branch location at 200 Fifth Avenue (the Toy Building). This is the second transaction that Sierra has assisted M&T Bank in closing in Manhattan. The landlord, W&M Properties was represented by James Downey of Cushman & Wakefield.
Store Leasing Transaction Concluded for the Ultimate Triathlon: Acting on behalf of both building ownership and the tenant, Barry Sanet, Senior Managing Director of Sierra Realty Corp., recently concluded a 2,700 sq. ft. store leasing transaction at 922 Seventh Avenue at 58th Street with the Ultimate Triathlon. The Ultimate Triathlon store specializes in the sale of athletic apparel, equipment and accessories for triathletes throughout the eastern United States. This will be the flagship location for this chain. This is the second lease transaction that Sierra Realty has concluded at the building in the past year.
Store Lease Signed: Acting on behalf of building ownership, Sierra Realty recently concluded a lease for a 900 sq. ft. store at 1032 Second Avenue (55th Street) with Salon Quartier. This is the tenant’s third location in Manhattan. Sierra was the sole broker in the transaction.
East 57th Street Store Lease Signed: On behalf of building ownership, Sierra Realty Corp. completed the leasing of a store at 126 East 57th Street to Four Season’s Nail and Spa, Inc.
Gino’s Restaurant Lease Renewal Completed: Acting as owner’s representative, Sierra Realty completed a ten–year renewal of a lease with Gino’s Restaurant at 780 Lexington Avenue, New York, New York. Gino’s Restaurant is a New York institution and has been a tenant at the building since 1964.
Lease Transaction Completed for Le Pain Quotidian: As the tenant’s exclusive representative, Sierra Realty Corp. negotiated a ten–year lease, with a five–year option, for approximately 1,400 sq. ft. at 10 Fifth Avenue for Le Pain Quotidian. This is the seventh leasing assignment concluded by Sierra Realty Corp. for this tenant.
Retail Lease Brokered: Sierra Realty acted as broker in connection with the leasing of the 1,400 sq. ft. store located at 782 Lexington Avenue (61st Street). The lease is for 10 years with ORVA, a store specializing in the sale of women’s apparel. Sierra Realty was the sole broker in connection with this transaction.
Garage Lease Signed: Sierra brokered a lease with a local garage operator for a 10,000 sq. ft. garage building at 412 Greenwich Street. The lease is for a term of 10 years. Sierra was the sole broker.
PROPERTY DISPOSITIONS AND FINANCINGS:
Sierra concluded transactions with a value of $7,600,000.
Sale of 223 East 58th Street Completed: Sierra Realty Corp., as sales agent, completed the sale of the 5–story walk–up building located at 223 East 58th Street between 2nd and 3rd Avenues for a purchase price in excess of $3.6M. Eastern Consolidated acted as the co–broker in connection with this sale. Sierra Realty has been retained by the purchaser to act as the managing and leasing agent for the building.
Building Sold: Sierra sold a 25 foot; 5–story walk–up building located on the corner of 84th Street and York Avenue for a purchase price in excess of $4mm. Sierra acquired this property in 1997 for a price of approximately $1mm. Deborah Gutoff of Eastern Consolidated Properties acted as Sierra’s sales agent in connection with the sale.
MANAGEMENT ASSIGNMENTS/CONSULTING:
13–Property Management Portfolio Obtained: Sierra Realty has been appointed the managing agent of a 13–property, mixed use portfolio consisting of 11 walk–up residential buildings in West Greenwich Village, a mixed use residential/retail building on East 86th Street and a commercial building located on Park Avenue.
Management Contract Awarded: Sierra Realty Corp. has been appointed managing agent of the ten–unit brownstone building located at 17 West 87th Street. Sierra will manage this property for the new owners.
Management Contract and Leasing Agency Granted: Sierra Realty has been appointed the managing and leasing agent of the commercial building located at 212 East 49th Street, New York, New York. This is a 9,000 sq. ft., 5–story building located between 2nd and 3rd Avenues. The building is currently empty.
Leasing and Management Agency Granted: Sierra Realty Corp. was appointed the leasing and managing agent for the property known as 412 Greenwich Street, a 10,000 sq. ft. garage building located in Tribeca.