Sun Frontier Fudousan Co. pays $13.5M to Icon Realty Management for 18-unit walkup in Gramercy

Sun Frontier Fudousan Co. through the entity 317-319 2nd LLC paid $13.5 million to Icon Realty Management through the entity 317-319 Second Realty LLC for the 18-unit residential walkup building (C1) at 317-319 Second Avenue in Gramercy, Manhattan. The expected use is cash flowing.
The deal closed on July 16, 2025 and was recorded on August 1, 2025. The property has 13,152 square feet of built space and 12,465 square feet of additional air rights for a total buildable of 25,613 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,026 and the price per buildable square foot is $527 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 December 10, 2010, for $4.8 million. The signatory for Icon Realty Management was Terrence Lowenberg . The signatory for Sun Frontier Fudousan Co. was Michael A. Mulia . The contract date was June 6, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sun Frontier Fudousan Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Icon Realty Management purchased eight properties in six transactions for a total of $43.2 million and sold 12 properties in 10 transactions for a total of $91.1 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 317-319 Second Realty, Llc. The 13,152-square-foot property generated revenue of $1.2 million or $94 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 18 residential units in Gramercy has 13,152 square feet of built space and 12,465 square feet of additional air rights for a total buildable of 25,613 square feet according to a PincusCo analysis of city data. The parcel has frontage of 34 feet and is 98 feet deep with a total lot size of 3,406 square feet. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.6 million. The property has 3 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 $650 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 two of the 10 commercial properties representing 18,092 square feet of the 193,398 square feet. The two identified owners are Icon Realty Management and Ennismore.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 193,398 square feet of built space are elevator buildings, with specialty buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Icon Realty Management owned at least 93 commercial properties with 1,335 residential units in New York City with 1,052,310 square feet and a city-determined market value of $389.9 million. (Market value is typically about 50% of actual value.) The portfolio has $514.4 million in debt, with top three lenders as Series 2019-Icon, Signature Bank, and Derby Copeland Capital respectively. Within the portfolio, the bulk, or 64 percent of the 1,052,310 square feet of built space are walkup properties, with elevator properties next occupying 12 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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