Icon Realty Management borrows $18M from Signature Bank to acquire Hell’s Kitchen portfolio

Icon Realty Management through the entity 316 West 51 Realty LLC as borrower signed an acquisition loan agreement with lender Signature Bank valued at $18.2 million for 4 parcels, including the tax class multifamily, over six families without stores (C1) and containing 63 residential units at 447 West 47th Street, 406 West 48th Street, 410 West 48th Street, 316 West 51st Street in Clinton. The deal closed on May 29, 2020 and was recorded on June 12, 2020.
The property has 64,833 square feet of existing and available development rights.
The average loan per unit is $288,889.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link