Icon Realty Management signs $29.3M refi for The Moore hotel in Chelsea

Icon Realty Management through the entity 300 West 22 Realty LLC as borrower signed a refi loan with lender Starwood Property Trust through the entity Spt Real Estate Capital, LLC valued at $29.3 million for the The Moore Hotel building (H2) at 300 West 22nd Street in Chelsea, Manhattan.
The deal closed on October 28, 2024 and was recorded on November 6, 2024. The prior lender was Madison Realty Capital which held debt that had an original loan amount of $29.3 million.The property has 30,948 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $946 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 owner bought the property on February 23, 2007, for $16 million. The signatory for Icon Realty Management was Terrence Lowenberg and Todd Cohen. The signatory for Starwood Property Trust was Joseph Rothenberg.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Todd Cohen, head officer and Terrence Lowenberg, officer. The business entity is 300 West 22 Realty, Llc.

The property

The hotel building in Chelsea has 30,948 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 57 feet and is 100 feet deep with a total lot size of 5,700 square feet. The zoning is C1-6A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $11.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $4,330 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on July 12, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 7th highest sale turnover among other neighborhoods in the city with $1.1 billion in sales volume in the last two years. For development, Chelsea has 1.7 times the average amount of major developments relative to other neighborhoods and is the 19th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 21 commercial properties representing 82,679 square feet of the 219,993 square feet. The largest owner is Icon Realty Management, followed by Gatsby Enterprises and then Benedict Realty Group.
There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 219,993 square feet of built space are walkup buildings, with hotel buildings next occupying 17 percent of the space.

The borrower

The PincusCo database currently indicates that Icon Realty Management owned at least 75 commercial properties with 1,010 residential units in New York City with 839,822 square feet and a city-determined market value of $308.1 million. (Market value is typically about 50% of actual value.) The portfolio has $312.3 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 65 percent of the 839,822 square feet of built space are walkup properties, with office properties next occupying 15 percent of the space. The bulk, or 90 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.

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