NEW YORK CITY, NY – August 22, 2011 – (RealEstateRama) — Sierra Realty Corp. has increased its focus on the property management segment of its business of late, and results have been fruitful in both Manhattan and the surrounding boroughs, according to Sierra President James Wacht.
On Manhattan’s Lower East Side, Sierra has been named managing agent of two mixed-use buildings: 101-105 Delancey Street and 92 Ludlow Street. The former is a 16,000-square-foot property with 20 fully occupied residential units and an available 3,000-square-foot retail space. The nearby Ludlow Street property is a 6,000-square-foot, one-story commercial building that currently houses the popular Paris-themed “Hotel Chantelle” restaurant and lounge.
Uptown at 1613 and 1615 Second Avenue at 84th St., the firm has won the assignment of managing approximately 30,000 square feet of commercial and residential space. The building at 1613 is a low-rise with seven residential units and one commercial space; 1615 is a five-story commercial loft. Sierra Development is also managing the 8,000-square-foot build-out of Jodi’s Gym on the second and fourth floors of 1615. Work on the gym began July 1st and is anticipated to be finished by Labor Day.
The building systems at 1613 and 1615 Second Avenue will be upgraded, including new heating and air conditioning systems, and some cosmetic maintenance will be performed on the facades.
Finally, Sierra will manage three residential buildings in the Bronx that the firm itself purchased with its affiliates in June. These well-maintained properties will also undergo renovations. Ownership is planning upgrades for the heating systems, elevators and intercoms, and will perform additional cosmetic work on lobbies and individual units.
Founded in 1953, Sierra Realty Corp. provides commercial and multi-family property management services, office and store leasing, real estate consulting, advisory services to building owners and tenants, comprehensive construction services and acquisitions and investment advice. The firm currently manages over 50 buildings comprising over 1,300 residential units and approximately one million square feet of office, industrial and retail space. Sierra also owns and operates numerous buildings in New York City.
Client: Sierra Realty Corp.
12 East 46th Street
New York, NY 10017
From: Mike Odenthal or Jeannette Boccini, LVM Group Inc.
mike (at) lvmgroup (dot) com; 212-499-6571
jeannette (at) lvmgroup (dot) com; 212-499-6566
