The Real Deal New York

Icon asking $714M for under construction UES condos

104 units at 301 East 80th Street and 301 East 81st Street make for most expensive project above 80th Street on the East Side
By Will Parker | January 03, 2019 02:15PM

Icon’s Todd Cohen, Terrence Lowenberg and a rendering of 301 East 81st Street (Credit: CityRealty)

Multifamily landlord-turned-developer Icon Realty Management is shooting for the stars in a quiet corner of the Upper East Side.

Icon will put 104 UES condominium units on the market with a total asking price of $714 million, an offering plan approved last month by the New York State Attorney General’s office shows.

The sales figures peg the average unit price at nearly $6.9 million, and the total projected sellout amount makes the two towers along Second Avenue the most expensive project north of 80th Street on the East Side. (An attorney for Icon said the project sellout amount would include some retail.)

The average new development condo price in Manhattan sat at just over $5.5 million in the last quarter of 2018, according to a new report from appraisal firm Miller Samuel.

Icon secured $425 million in construction financing for the build at 301 East 80th and 301 East 81st Streets in 2017, while simultaneously dealing with a tenant harassment investigation from the same branch of the state government that would later approve its condo.

The then- Attorney General Eric Schneiderman launched a probe into Icon’s conduct at 70 of its rental buildings, where tenants complained of harassment tactics and hazardous living conditions. Icon later settled, and through an attorney, denied ever harassing tenants. It paid a settlement fee of $500,000, or roughly .07 percent of the total asking price for its upcoming 80th Street apartments.

Icon, which was founded by investors Terrence Lowenberg and Todd Cohen, owns more than 1,900 rental apartments in Manhattan, mostly in the East Village and Lower East Side.