Maverick Properties affiliate pays $5.4M to Icon for 9-unit walkup in Hell’s Kitchen

The entity 316 W51st Ts L.L.C. in care of Eiichiro Kobayashi’s Maverick Properties, paid $5.4 million to Icon Realty Management through the entity 316 West 51 Realty LLC for the nine-unit residential walkup building (C4) at 316 West 51st Street in Hell’s Kitchen, Manhattan.
The deal closed on May 15, 2023 and was recorded on May 28, 2024. The property has 7,605 square feet of built space and 4,380 square feet of additional air rights for a total buildable of 11,985 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $710 and the price per buildable square foot is $450 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 May 29, 2020, for $4.5 million. The signatory for Icon Realty Management was Terrence Lowenberg. The contract date was January 31, 2024. Eiichiro Kobayashi, which is also written Kobayashi Eiichiro, is the owner of Maverick Properties.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Maverick Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Icon Realty Management purchased one properties in one transactions for a total of $4.8 million and sold five properties in five transactions for a total of $68.2 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Terrence Lowenberg, head officer and Frank Armeni, site manager. The business entity is 316 West 51 Realty Llc.

The property

The residential walkup building with 9 residential units in Hell’s Kitchen has 7,605 square feet of built space and 4,380 square feet of additional air rights for a total buildable of 11,985 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 1,991 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4 million. The most recent loan totaled $9.4 million and was provided by Webster Bank on February 16, 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 $900 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 14 of the 25 commercial properties representing 827,223 square feet of the 921,302 square feet. The largest owner is Triumph Real Estate Management, followed by Standard Companies and then Relo Redac Inc..
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 921,302 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

The seller

The PincusCo database currently indicates that Icon Realty Management owned at least 98 commercial properties with 1,415 residential units in New York City with 1,107,690 square feet and a city-determined market value of $410.4 million. (Market value is typically about 50% of actual value.) The portfolio has $303.3 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 64 percent of the 1,107,690 square feet of built space are walkup properties, with elevator properties next occupying 14 percent of the space. The bulk, or 87 percent of the built space, is in Manhattan, with Brooklyn next at 13 percent of the space.

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