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

New York /
Jan.January 03, 2019 02:15 PM

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.


Related Articles

arrow_forward_ios
(Photo illustration by The Real Deal)

This office redeveloper is going all in

This office redeveloper is going all in
(iStock)

Homebuilder sentiment falls for second month in a row

Homebuilder sentiment falls for second month in a row
Clare Newman with Governors Island (Credit: Governors Island, Getty Images)

Governors Island redevelopment opposed as excessive

Governors Island redevelopment opposed as excessive
(iStock)

Homebuying up again, but rising mortgage rates depress refinancing

Homebuying up again, but rising mortgage rates depress refinancing
Ziel Feldman with 150, 152 and 154 East 79th Street, and 1131 and 1135 Lexington Avenue (Getty, Google Maps)

HFZ, Ziel Feldman sued for default on Upper East Side loan

HFZ, Ziel Feldman sued for default on Upper East Side loan
The two most expensive contracts signed last week were condos at One Prospect Park West. (Douglas Elliman)

Brooklyn luxury market roars back to life

Brooklyn luxury market roars back to life
Fidelity’s Raymond Quirk (iStock)

Title insurers launch new closing tools as homebuying rises

Title insurers launch new closing tools as homebuying rises
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...