News
BOROUGH BOY
August 4, 2011
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| Sierra Realty prez Jim Wacht has seen quite an uptick in biz—and it’s not just brokerage but construction management and acquisitions, particularly in the outer boroughs, says Jim, whom we snapped in his E 46th Street office (we thought it was a really hip art gallery at first). Right now, Sierra’s working on a retail development deal in North Williamsburg and is sniffing out construction management projects in the $10M to $20M range. On the acquisitions side, it recently closed on three apartment buildings totaling 190 units in Hunts Point and on the Bronx’s Grand Concourse. Sierra is looking for further opps in the outer boroughs ($5M to $15M range), particularly elevatored multifamily buildings with average low rents. |
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| Why the outer boroughs? "These are values you can't find in Manhattan, with less competition," Jim says. The firm’s gearing up for an even busier season as the market improves, and has hired 10 people in the past 18 months in brokerage, marketing, analyst positions. But Jim’s still making time for the non-profits he holds dear—including raising money to fund Afro Latin Jazz Alliance, which is spearheading efforts to establish music programs in Bronx and Brooklyn public schools. He’s also chairperson of the The Appleseed Foundation (social justice issues). The passionate tennis player has also brought his agility to the barre, taking up ballet and yoga. “I look great in tights,” he laughs. No spandex, but he did share this pic from when he went hiking and rock-climbing in the Arizona desert—the self-described adrenaline junkie also likes skydiving. |
