Sierra Real Estate sells Plaza District rental for $12.2M

The entity Dreamaps Estate NY LLC paid $12.2 million to Sierra Real Estate through the entity Double E Realty, LLC for the 10-unit rental (D7) at 45 West 55th Street in Plaza District, Manhattan.
The deal closed on June 2, 2021 and was recorded on June 14, 2021.
The property has 14,680 square feet of built space and 15,436 square feet of additional air rights for a total buildable of 30,120 square feet according to PincusCo analysis of city data. The sale price per built square foot is $834 and the price per buildable square foot is $406 per the PincusCo analysis.
The signatory for Sierra Real Estate was Peter Braus. The signatory for Dreamaps Estate Ny LLC was Matthew Presseau.

The buyer entity is at the location of Masa Ikeda, principal with the brokerage Blue Pacific Capital. Peter Braus is a managing principal at Lee & Associates.
The owners according to the Department of Housing Preservation and Development includes James Wacht, head officer and Peter Braus, officer. The business entities are Lee & Assoc. Mgt Llc and Double E Realty Llc.
Within a 400-foot radius of 45 West 55th Street, PincusCo identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, one was in new building development. It was a new building permit application filed on May 8, 2020 for a 152,689-square-foot R-2 building with 96 residential units at 10 West 55th Street.
Of those five items, one was for major renovation including a certificate of occupancy change. It was a permit issued on January 27, 2020 for the $2.0 million renovation of 11,421-square-foot E building with no residential units at 26 W 56th Street.
One of those five items was a sale which Abraham Heby bought the 11,000-square-foot, 10-unit rental (C7) on 47 West 55th Street for $10 million from Frank Caselli on December 22, 2020.
Of those five items, two were loans above $5 million totaling $44.7 million. The most recent of the two was George Malkemus which borrowed $8 million from Signature Bank secured by the 6,848-square-foot, five-unit office building (O5) on 33 West 54th Street and one other property on September 4, 2020.

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