Icon Realty Management affiliate pays $4.8M for residential walkup in Chelsea

An Icon Realty Management affiliate through the entity 201 West 14 Realty LLC paid $4.8 million to Daniel Birnant through the entity Mardan Realty Co., LLC for 16-unit residential walkup building (C7) at 201 West 14th Street in Chelsea, Manhattan.
The deal closed on December 22, 2022 and was recorded on January 4, 2023. The property has 11,463 square feet of built space and 6,576 square feet of additional air rights for a total buildable of 18,048 square feet according to PincusCo analysis of city data. The sale price per built square foot is $423 and the price per buildable square foot is $268 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Daniel Birnant was Daniel Birnant. The owner entity is at the address of Icon Realty Management. The signatory for Icon Realty Management was Jeremy Campbell. The building was originally constructed in the middle of the 19th century, according to this online history. Jeremy Campbell according to LinkedIn is general counsel for Stellar Management, founded by Lawrence Gluck. On the purchase transfer next to Jeremy Campbell’s signature, he is identified as “general counsel.” The executives of Icon were party to a Gluck Family Trust transfer in 2016. 

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Icon Realty Management purchased one property in one transaction for a total of $8 million and sold nine properties in nine transactions for a total of $123.8 million over the past 24 months.
The seller Daniel Birnant had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Magdalena Kosz, head officer and Denay Riley, officer. The business entity is Mardan Realty Co Llc. The 11,463-square-foot property generated revenue of $916,945 or $80 per square foot, according to the most recent income and expense figures.

The property

The 201 West 14th Street parcel has frontage of 25 feet and is 96 feet deep with a total lot size of 2,400 square feet. The zoning is C6-3A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received two DOB violations, $8,125 in ECB penalties, and $8,725 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 10 of the 43 commercial properties representing 320,725 square feet of the 760,654 square feet. The largest owner is Sky Management, followed by S.W. Management and then Pizzarotti IBC.
On the tax block, there were three new building construction projects totaling 156,390 square feet. The largest is a 25-unit, 110,081-square-foot R-2 building developed by Alfredo Vinci with plans filed September 23, 2014 and permitted December 3, 2018. The second largest is a 21-unit, 36,712-square-foot R-2 building developed by Ann Eber with plans filed September 11, 2014 and permitted December 1, 2015.

The majority, or 43 percent of the 749,520 square feet of built space are elevator buildings, with walkup buildings next occupying 25 percent of the space.

The buyer

The PincusCo database currently indicates that Icon Realty Management owned at least 97 commercial properties in New York City with 1,079,771 square feet and a city-determined market value of $363.6 million. (Market value is typically about 50% of actual value.) The portfolio has $269.7 million in debt, with top three lenders as Signature Bank, BCB Community Bank, and New York Community Bank respectively. Within the portfolio, the bulk, or 64 percent of the 1,079,771 square feet of built space are walkup properties, with elevator properties next occupying 14 percent of the space. The bulk, or 87 percent of the built space, is in Manhattan, with Brooklyn next at 13 percent of the space.

Direct link to Acris document. link