Icon, Stellar signs $9.5M refi with New York Community Bank for retail building in East Village

Icon Realty Management and Stellar Management through the entity 130 Second Realty LLC as borrower signed a refi loan with lender New York Community Bank valued at $9.5 million for the retail building (K7) at 130 2nd Avenue in East Village, Manhattan.
The deal closed on October 13, 2021 and was recorded on November 18, 2021.
The property has 7,200 square feet of built space and 2,308 square feet of additional air rights for a total buildable of 9,520 square feet according to PincusCo analysis of city data. The loan price per built square foot is $1,322 and the price per buildable square foot is $1,000 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 August 10, 2015, for $12.0 million.
The signatory for Icon Realty Management and Stellar Management was Terrence Lowenberg, Todd Cohen, and Matthew Lembo.
(123327541)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 18, 2018.
Terrence Lowenberg and Todd Cohen are principals at Icon Realty Management.
Matthew Lembo is a principal at Stellar Management.

Within a 400-foot radius of 130 2nd Avenue, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were sales above $5 million totaling $21.3 million. The most recent of the two was Madison Realty Capital which bought the 13,170-square-foot, 22-unit rental (C7) on 27 St Marks Place for $12.9 million from GC Realty Advisors and Raphael Toledano bankrupt entities on May 12, 2021.
Of those six items, four were loans above $5 million totaling $111.7 million. The most recent of the four was Madison Realty Capital which borrowed $70 million from Signature Bank secured by the 10,090-square-foot, 22-unit rental (C7) on 334 East 9th Street and 14 other properties on May 12, 2021.

Direct link to Acris document. link