Icon signs $20M refi with Derby Copeland for 33-unit rental in East Village

Icon Realty Group through the entity 57-59 Second Realty Associates LLC as borrower signed a refi loan with lender Derby Copeland Capital through the entity FCR DC JV Atlas Seller LLC valued at $20 million for the 33-unit residential elevator building (D9) at 57-59 2nd Avenue in East Village, Manhattan.
The deal closed on June 30, 2025 and was recorded on July 21, 2025. The prior lender was Series 2019-ICON which held debt that had an original loan amount of $18.2 million.The property has 36,720 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $544 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 Icon Realty Group was Terrence Lowenberg . The signatory for Derby Copeland Capital was Steve Spanolios .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Terrence Lowenberg, head officer and Todd Cohen, officer. The business entity is 57-59 Second Realty Associates Llc.

The property

The residential elevator building with 33 residential units in East Village has 36,720 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 48 feet and is 100 feet deep with a total lot size of 4,808 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the East Village / Lower East Side Historic District. The city-designated market value for the property in 2022 is $2.8 million. The most recent loan totaled $18.2 million and was provided by Series 2019-Icon on January 1, 2024. The property has 19 rent regulated units according to city tax records from 2023.

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 one DOB violation, $2,500 in ECB penalties, 10 housing violations, and $3,150 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 $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 15 of the 24 commercial properties representing 215,000 square feet of the 280,874 square feet. The largest owner is Cooper Square Mutual Housing Association, followed by Thomas Obyrne and then Gershon Levy.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 280,874 square feet of built space are walkup buildings, with elevator buildings next occupying 29 percent of the space.

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