From left: Michael Shah, David Schechtman and 58-60 Ninth Avenue

DelShah Capital has purchased a 10,839-square-foot Meatpacking District building for $18.2 million from Icon Realty Management, the company said today. The property is located at 58-60 Ninth Avenue, near 15th Street, and stands four stories. [more]

From left: Icon Realty Management's Terrence Lowenberg and Todd Cohen, ERG Property Advisors CEO James Kinsey and 58-60 Ninth Avenue

Having just closed on the Malcolm S. Forbes townhouse in Greenwich Village for a 52 percent discount from its original asking price, Icon Realty Management’s Terrence Lowenberg and Todd Cohen have made another high-profile acquisition. The duo has purchased two adjacent mixed-use buildings at 58-60 Ninth Avenue, according to James Kinsey, CEO and partner at ERG Property Advisors, who represented the buyer and seller in the deal, the lower floors of which house celebrity restaurant hangout Pop Burger. [more]

From left: Terrence Lowenberg, Todd Cohen and the Judith Rothschild home at 1110 Park Avenue

Faced with pending litigation related to a 2007 contract on abstract painter Judith Rothschild’s former mansion at 1110 Park Avenue, the founders of Icon Realty Management, Todd Cohen and Terrence Lowenberg, and their fathers, have been forced to produce documentation proving they have not been shifting assets in an effort to avoid paying a $2.5 million judgment issued against them in 2009. [more]

From left: exterior and interior shots of 342-350 West 71st Street

An affiliate of property owner Icon Realty Management paid $18.5 million for three adjacent Upper West Side single-room occupancy buildings with a combined 365 units that had been used for years as an informal hotel. The purchase price was about half that offered by another buyer five years earlier. Much of the decline in value followed a May 2011 state law that bans renting rooms in Class A residential buildings for less than 30 days. [more]

From left: Terrence Lowenberg and Todd Cohen of Icon, Paula Del Nunzio of Brown Harris Stevens and the interior of the townhouse at 11 West 12th Street

The mystery buyer of the Malcolm S. Forbes townhouse in Greenwich Village, which had been on the market since February 2011 and finally went into contract in January, has been revealed as New York-based real estate investment and operating firm Icon Realty Management, according to public records filed with the city today. [more]

Stone Street Properties, a real estate investment firm recently formed by Gotham Organization alumnus Jeffrey Kaye and former Gumley Haft Kleier broker Robert Morgenstern, has acquired a small portfolio of five rental buildings in the East Village and the Upper East Side from Icon Realty Management, a representative from Icon confirmed. The deal, which has not yet hit public records, is valued at $90 million, Kaye said. Rockwood Capital is Stone Street’s equity partner in the deal, he said.

The buildings, located at 176 East 3rd Street, 420 East 66th Street, 404 East 88th Street, 336 East 81st Street and 344 East 85th Street, are all five- or six-story elevator buildings and have been renamed by Stone Street as the Jesse, the Chase, the Hudson, the Lily and the Emma respectively, according to the company website.

There were no brokers involved in the deal, Kaye said…. [more]

Robert “Toshi” Chan (credit: Brooklyn Paper) and Toshi
property at 325 East 10th Street

“The Departed” actor Robert “Toshi” Chan’s alleged illegal hotel empire is still going strong despite a new law solidifying statutes against transient occupancy, which went into effect in May. According to Chelsea Now, tourists are still staying illegally at 325 East 10th Street, 203 East 14th Street, 808 Drigg’s Avenue, 352 West 39th Street and 65 Bank Street. Despite those four Toshi properties being cited for violations earlier this year, Toshi’s general manager, Jason Montello, denied that the stays are illegal and claimed that the company had been unfairly victimized by the Bloomberg administration’s crackdown.
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Robert Stern, corner lots at 80th Street and Second Avenue

Robert A.M. Stern Architects, the high-profile architectural firm behind 15 Central Park West, claims in court papers that a pair of young developers who planned to build a condo tower in Yorkville owes the firm nearly half a million dollars in unpaid design bills. Stern’s company alleges that it signed a preliminary retainer agreement last May with developers Terrence Lowenberg and Todd Cohen, of Icon Realty Management, to be the lead designer for a new condo to be built at the northeast corner of East 80th Street and Second Avenue, a lawsuit filed April 24 in Manhattan State Supreme Court says. The properties, from 1538 to 1544 Second Avenue, amount to a 10,000-square-foot site. 
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