Sierra Assets Group pays $8.2M to consolidate ownership of retail property in Washington Heights

Lionel Etra’s Sierra Assets Group pays $8.2M for two additional stakes in a retail property in Washington Heights through two transactions valued at $8.2 million.
In the first, Lionel Etra’s Sierra Assets Group through the entity M&H Zuckerbraun Holdings, LLC paid Estate of Bernice Mitchneck $7.2 million for a 50 percent stake in 1221 St Nicholas Avenue in Washington Heights.
In the second, Etra’s M&H Zuckerbraun Holdings, LLC acquired an 8.33 percent interest from Mark Kaufman valued at $1.1 million at 1221 St Nicholas Avenue.

The deal closed on January 22, 2020, and was recorded on February 5, 2020. The building is a one-story store building (K1). The property is 17,100 square feet. The parcel(s) have total development potential of 58,824 square feet.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $176,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link “$1,050,000 SALE
58,824 square feet in Washington Heights