JP Real Estate Group pays $25.75M to Icon for adjacent rentals in Chelsea

JP Real Estate Group Limited paid $25.75 million to Icon Realty Management for two rental buildings, at 450 West 19th Street and 446 West 19th Street, in Chelsea, Manhattan in two transactions.

In the larger, JP Real Estate Group Limited through the entity Jp Real Estate Group Limited paid $20 million to Icon Realty Management through the entity 448-450 West 19 Realty Associates LLC for the 40-unit residential elevator building (D1) at 448-450 West 19th Street in Chelsea, Manhattan. The expected use is cash flowing.
The deal closed on February 4, 2026 and was recorded on February 20, 2026. The property has 19,100 square feet of built space and 8,602 square feet of additional air rights for a total buildable of 27,692 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,047 and the price per buildable square foot is $722 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 seller bought the property on March 7, 2012, for $7 million.

In the smaller, JP Real Estate Group Limited through the entity Jp Real Estate Group Limited paid $5.8 million to Icon Realty Management through the entity 446 West 19 Realty Associates LLC for the eight-unit residential walkup building (C4) at 446 West 19th Street in Chelsea, Manhattan. The expected use is cash flowing.
The deal closed on February 4, 2026 and was recorded on February 20, 2026. The property has 7,100 square feet of built space and 6,739 square feet of additional air rights for a total buildable of 13,846 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $809 and the price per buildable square foot is $415 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 seller bought the property on March 7, 2012, for $3 million.

The signatory for Icon Realty Management was Terrence Lowenberg . The signatory for JP Real Estate Group Limited was an attorney, Michael A. Mulia . The contract date was January 5, 2026. Media reports have described the buyer as a private investment firm from Japan.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer JP Real Estate Group Limited purchased two properties in two transactions for a total of $40.6 million and has no record it sold any properties over the past 24 months.
The seller Icon Realty Management purchased nine properties in seven transactions for a total of $44.9 million and sold 13 properties in 11 transactions for a total of $118.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Terrence Lowenberg, head officer and Todd Cohen, officer. The business entity is 448-450 West 19 Realty Associates Llc. The 19,100-square-foot property generated revenue of $1.7 million or $89 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 40 residential units in Chelsea has 19,100 square feet of built space and 8,602 square feet of additional air rights for a total buildable of 27,692 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 92 feet deep with a total lot size of 4,600 square feet. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $9.8 million. The property has 4 rent regulated units according to city tax records from 2024.

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 three housing violations and $780 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 six of the 10 commercial properties representing 317,136 square feet of the 353,065 square feet. The largest owner is New York City Housing Authority, followed by Icon Realty Management and then Atlas Capital Group.
On the tax block, there was one new building construction project filed totaling 46,809 square feet. It is a 32-unit, 46,809 square-foot residential (R-2) building submitted by Anbau, Inc. and filed by Alexander Glascock with plans filed May 18, 2021 and permitted April 22, 2022.

The majority, or 83 percent of the 353,065 square feet of built space are elevator buildings, with mixed-use buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Icon Realty Management owned at least 89 commercial properties with 1,288 residential units in New York City with 1,020,370 square feet and a city-determined market value of $371.3 million. (Market value is typically about 50% of actual value.) The portfolio has $586.7 million in debt, with top three lenders as Series 2019-Icon, Signature Bank, and Derby Copeland Capital respectively. Within the portfolio, the bulk, or 63 percent of the 1,020,370 square feet of built space are walkup properties, with elevator properties next occupying 13 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 14 percent of the space.

The buyer

The PincusCo database currently indicates that JP Real Estate Group Limited owned at least two commercial properties with 37 residential units in New York City with 33,386 square feet and a city-determined market value of $13.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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