Icon Realty Management signs $11.4M refi loan for commercial condo in Yorkville
Icon Realty Management through the entity 301 East 80th Realty LLC as borrower signed a refi loan with lender Signature Bank valued at $11.4 million for the commercial condominium unit at 301 East 80th Street in Yorkville, Manhattan.
The deal closed on December 1, 2022 and was recorded on December 9, 2022. The prior lender was First Republic Bank which held debt that had an original loan amount of $2.5 million.
The signatory for Icon Realty Management was Terrence Lowenberg and Todd Cohen. The signatory for Signature Bank was Jonathan Hackerman.
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 not received any significant violations 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. On the tax lot, the most recent condominium plan was filed by 301 EAST 80TH REALTY LLC to create 72 residential units and 1 commercial units in a building at 301 East 80th Street in Yorkville, Manhattan, called 301 East 80th Street Condominium that has a $514.8 million sellout, according to an April 17, 2018 submission to the New York State Attorney General.The principals of the sponsor, 301 EAST 80TH REALTY LLC, were Todd Cohen and Terrence Lowenberg.
The block
On this tax block, PincusCo has identified the owners of eight of the 23 commercial properties representing 103,819 square feet of the 489,603 square feet. The largest owner is Hubb Nyc, followed by Eberhart Brothers and then Icon Realty Management.
On the tax block, there were two new building construction projects totaling 245,028 square feet. The largest is a 72-unit, 233,369-square-foot R-2 building developed by Terrence Lowenberg with plans filed August 1, 2016 and permitted January 5, 2018. The second largest is a six-unit, 11,659-square-foot R-2 building developed by Edward Kehoe with plans filed August 13, 2015 and it has not been permitted yet.
The majority, or 63 percent of the 440,813 square feet of built space are elevator buildings, with walkup buildings next occupying 24 percent of the space.
The borrower
The PincusCo database currently indicates that Icon Realty Management owned at least 98 commercial properties in New York City with 1,087,457 square feet and a city-determined market value of $367.2 million. (Market value is typically about 50% of actual value.) The portfolio has $252.5 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 1,087,457 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