Icon Realty signs $30M refi for office, retail facing Madison Sq. Park
Icon Realty Management through the entity 30 E 23 Realty LLC as borrower signed a refi loan with lender New York Community Bank valued at $30 million for the office building (O6) at 30 East 23rd Street in Flatiron District, Manhattan.
The deal closed on November 9, 2021 and was recorded on November 29, 2021.
The property has 22,512 square feet of built space and 1,984 square feet of additional air rights for a total buildable of 24,500 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,332 and the price per buildable square foot is $1,224 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 November 21, 2016, for $26.5 million.
The signatory for Icon Realty Management was Terrence Lowenberg and Todd Cohen. The signatory for New York Community Bank was John Feijoo.
Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 11 renovation/alteration projects (A2) applied for with a total estimated value of $2.3 million.
Within a 400-foot radius of 30 East 23rd Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was for major renovation including a certificate of occupancy change. It was a permit issued on January 26, 2021 for the $105.9 million renovation of 1,256,360-square-foot B building at 1 Madison Avenue.
One of those nine items was a sale which Lcm52 LLC bought one condo unit in the 3,310-square-foot, 65-unit mixed-use building (RM) on 23 East 22nd Street for $12.5 million from Senior Care Development on June 29, 2021.
Of those nine items, seven were loans above $5 million totaling $511.1 million. The most recent of the seven was Doron Markowitz which borrowed $5 million from New York Community Bank secured by the 14,840-square-foot, 26-unit rental (D3) on 21 East 21st Street on June 23, 2021.
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